Friday, 29 January 2016

Best Trading News on Commodity Gold and Silver

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Gold could remain range bound. Support is at 1113.0. Resistance is at 1130.0. MCX Gold could remain range bound. Support remains at 26700. Resistance is at 26970 and 27200. Investors await durable goods order and jobless claims data due today for further cues.

Silver could trade range bound. Support is at 14.41. Resistance remains at 14.60. MCX Silver could trade range bound. Support is at 35060. Resistance is at 35440. Investors await durable goods order and jobless claims data due today for further cues. 

Commodity Market News on Crude Oil

Crude oil amid concerns over seasonal low output led to recent gains. Supports are at 2480 levels. Upside towards 2550 levels may be seen. 

Natural gas. It suggest that prices are showing bearish momentum. On the upside it has immediate resistance at 151.25 levels. Whereas, support is located at 142.20 levels.

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Base Metals Market Trading News for Today

Lead suggests that prices are trading in uptrend channel. After taking resistance near 113.90, prices are correcting on the downside. It is expected to fall till 111 levels in today's session.

Zinc which suggest that prices are likely to top out in the today's session. It is expected to correct down till 106 in today's session. On the upside, immediate resistance at 110.10 levels.

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Thursday, 28 January 2016

Best Trading News on Commodity Gold and Silver

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Gold. It suggests that prices are trading in uptrend. However, it is expected to correct down before further upside. On the downside, immediate support is located at 26450 levels.

Silver. It suggests that prices are trading in the uptrend. However, it is taking resistance at top to top trend line levels. Hence, it is expected to correct down till 34890 levels. On the upside, prices could find resistance near 35380 levels.


Commodity Market News on Crude Oil

Crude Oil. It is expected to correct down before further upside. Current downtrend channel suggests correction up to 2025 levels. On the upside, immediate resistance is located at 2150 levels.

Natural gas. It suggest that prices are trading in sideways zone. On the upside, immediate resistance is located at 149.80 levels. On the downside, it need to break 146.80 to touch lower support of 141.50 levels.

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Base Metals Market Trading News for Today

Copper. It suggest that prices are making higher highs and lows. After today's gap up opening it is expected to correct down till 304.10 levels. On the downside, it need to break immediate support of 307.70 levels. However, on the upside break above 310.20 will negate bearish view.

Nickel suggests that prices are trading in uptrend channel. On the upside, bulls are strengthening near 575.40 levels. In today's session it is expected to cross immediate resistance of 599.50 and further till 609.20 levels.

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Monday, 25 January 2016

Best Trading News on Commodity Gold and Silver

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MCX Gold on hourly chart suggests that prices are likely to remain capped under crucial resistance of 26450 levels. Moreover, on COMEX GOLD it has faced strong resistance at $ 1110 levels. Hence, bias could turn on the downside till 25600 levels. Furthermore, the momentum indicator RSI has remained below 50 levels on hourly chart which gives negative confirmation to the prices. For now we expect prices should move lower towards 25600 levels in the coming trading sessions.

MCX Silver prices couldn’t sustain at its resistance at 34750 levels. The counter has witness a pullback rally towards 34870 levels. Failure to sustain at higher levels can be sold into by day traders. Hence bias could turn on the downside till 33450 levels. Prices are trading below 25 EMA on hourly chart. The momentum indicator RSI has remained below 50 levels on hourly chart which gives negative confirmation to the prices. For now we expect silver prices to drift lower towards 33450 levels in few trading sessions.

Commodity Market News on Crude Oil

As expected MCX CRUDE OIL prices moved higher and achieved our short term target of 2140 levels. After witnessing breakout from downtrend channel pattern, MCX CRUDE OIL continue its uptrend journey. Support at 2085 levels is held well. Price structure hint at a move towards 2270 levels. Moreover prices are trading above 25 DEMA on hourly chart. 

The momentum indicator RSI has remained above 60 levels on hourly chart which gives positive confirmation to the prices. For now we expect prices to move higher towards 2270 levels in coming trading sessions.

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Base Metals Market Trading News for Today

On hourly chart of MCX COPPER. Technically, it suggests that prices are trading above the trend line support on hourly chart at 298 levels. Hence it is expected to resume its uptrend journey which is likely to raise upto 313 levels. Moreover prices are trading above 25 DEMA on hourly chart. The momentum indicator, RSI is expected to remain in given define range of 30 – 70 levels. For now we expect prices to move higher towards 313 levels in few trading sessions.

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Friday, 22 January 2016

Daily Commodity News on Gold and Silver By MarketMagnify

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Gold
On Thursday, spot gold prices declined by 0.15 to close at $1099 per ounce after posting its biggest one-day gain in two weeks the day before, as hints of further stimulus from the European Central Bank hurt the euro and a rebound in global stocks curbed risk aversion.


On the MCX, gold prices declined by 1.22 percent to close at Rs.26235 per 10 gms.

Silver
Spot silver prices declined by 0.1 percent on Thursday to close at $14.2 per ounce. The fall in silver prices is in line with decline in gold prices and strengthening dollar index.

On the MCX, silver prices declined by 0.78 percent to close at Rs.34418/kg.


Commodity market News on Natural Gas and Crude Oil

Crude Oil
WTI oil prices rose by around 10 percent on Thursday to close at $29.53 their biggest daily gain this year, as rallying financial markets gave some bearish traders reason to take profits on record short positions.

On the MCX, oil prices rose by around 7 percent to close at Rs.2054 per barrel.

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Daily Base Metals Market Trading News

Base Metals
Base metals on the LME traded higher yesterday as dovish comments from European Central Bank President Mario Draghi, who said the bank could launch additional stimulus at its next meeting on March 10 renewed risk appetite.

Copper
LME Copper prices rose by 1.1 percent to close at $4408 per tonne as ECB President Mario Draghi took notice of economic risks and hinted towards additional monetary stimulus as early as March. Besides, the PBoC said that it would improve policy coordination to promote economic growth and curb financial risks though it provided no details on steps or timing.

MCX copper prices jumped by 1.5 percent to close at Rs.301.9 per kg in line with international trends.

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Thursday, 21 January 2016

Daily Base Metals Market Trading News

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Copper. It suggest that prices are making higher highs and lows. It is expected to rise again to retest yesterday's high of 302.85 levels. on the downside, immediate support is located at 295.30 levels.

Nickel suggests that prices are making higher highs and lows. In today's session it is expected to rise again up to 600 levels. On the downside, immediate support is located at 567 levels.

Lead suggests that prices are trading in uptrend channel. On the downside, immediate support is located at 108.90 levels. In today's session it is expected to rise up to 111.30 levels.

Daily Commodity News on Gold and Silver By MarketMagnify

Gold. It suggests that prices are trading in uptrend channel. If it crosses 26220 then it could move towards 26450 levels. On the downside, immediate support is located at 26100 and 26030 levels.

Silver. It suggests that prices are likely to give breakout above 34500 levels. If it gives then it could rise towards 34900 levels. On the downside, immediate support is located t 34130 levels.

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Commodity market News on Natural Gas and Crude Oil

Crude Oil. It suggest that prices are trading in downtrend channel. However, it is expected to take support near channel trend line support levels. On the upside, reversal can be seen above 2000 levels.

Natural gas. It suggest that prices are trading in sideways zone after bottoming out near 136.70 levels. It is expected to rebound on the upside till 149.80 levels.

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Wednesday, 20 January 2016

Daily Commodity News on Gold and Silver By MarketMagnify

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COMEX Gold could remain range bound. Support is at 1080.0. Resistance remains at 1100.0. MCX Gold could remain range bound. Support is at 25801. Resistance is at 26061.

COMEX Silver could trade range bound. Support remains at 13.80. Resistance remains at 14.00. MCX Silver could trade range bound. Support is at 33855. Resistance is at 34312.

Commodity market News on Natural Gas and Crude Oil

Crude oil is negative for veg. oil prices. Resistance is at 2500 levels. CPO may trade sideways. Stronger supports are at 2350 levels.

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Tuesday, 19 January 2016

Commodity market News on Natural Gas and Crude Oil

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MCX Crude oil. It suggests that prices are trading in steep downtrend. However, it is expected to hold above immediate support of 2020, support provided by trend line support and lower Bollinger band. Although, prices need to move above 2215 to confirm upside reversal. If it is taken out then upside can be seen upto 2470 levels.

MCX Natural gas. After gaining for 3 consecutive weeks, prices lost by 12 percent or by `20 before settling down at 142.90 levels. Negative crossover on RSI and break below 20DMA suggests further downside in the prices. Hence, it is expected to correct down till 127 levels. However, On the upside, cross of 147 could take it through 16 levels.

Daily Commodity News on Gold and Silver By MarketMagnify

Gold. After gaining 4 percent in early week of this month, prices corrected by 1.45 percent in the last week. Technically, this correction can be considered as pullback of inverted Head and Shoulder pattern. Hence, prices are likely to resume its uptrend and it could gain up to $1130 levels. On the downside, supports can be seen at $1080 and $1072 levels.

MCX Silver daily chart. It suggests that prices are trading in very choppy range.Technical indicator RSI and Bollinger band suggests sideways momentum. Hence, prices are likely to trade further in this range only. On the upside, resistance can be seen at 34620-35370 levels. Whereas, support can be seen at 33050-33180 zone.

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Daily Base Metals Market Trading News

MCX Copper chart. It suggests that prices are still in downtrend channel. However, recent positive development in RSI suggests potential for reversal in the prices. Hence, in this week prices are expected to hold above immediate support of 291.50 levels. On the upside, immediate resistance is located at 302.50 and further at 305.50 levels.

MCX Lead. After taking support at its previous low, prices tried to recover on the upside. On the upside, break above 110.70 may extend its gain upto 113.90- 116.30 levels. However, fall below 106.70 will open the door towards 102.50 levels.

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Monday, 18 January 2016

Daily Commodity News on Gold and Silver By MarketMagnify

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Gold
Last week, spot gold prices declined by 1.4 percent to close at $1088.7 per ounce Prices traded to a 1-1/2-week low on Thursday, pressured by a U.S. Federal Reserve president's comments about potentially rethinking further rate hikes, triggering technical sell signals while shrugging off a rebound from 12-year lows in oil prices. 

On the MCX, gold prices rose by 0.5 percent last week to close at Rs.26112 per 10 gms.

Silver
Last week, spot silver prices rose by 0.1 percent to close at $13.9 per ounce. Silver prices declined in tandem with fall in gold prices . Besides, all the base metals pack traded lower last week exerting downside pressure on silver.

On the MCX, silver prices rose by 0.7 percent last week to close at Rs.34054 per kg.


Commodity market News on Natural Gas and Crude Oil

Crude Oil
WTI oil prices declined by 11.3 percent last week while Brent declined by 13.7 percent last week.

Global crude benchmark Brent broke below $30 a barrel, its lowest since 2004, for a second straight day before rebounding. It also settled off the day's highs, after the U.S. State Department indicated a key Iranian nuclear reactor had been destroyed, as per conditions for lifting sanctions against Tehran's oil exports.

On the MCX, oil prices declined by 11.1 percent to close at Rs.1996 per barrel.

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Daily Base Metals Market Trading News

Base Metals
Base metals on the LME traded lower last week as gloom in the Chinese equity markets along with string of weak economic data reinforced fragile prospects for growth and demand in the world's biggest consumer of industrial metals.

Copper
LME Copper prices plunged by 1.9 percent to close at $4331 per tonne as the International Copper Study Group said that copper production capacity will grow 5% annually in the next four years. This comes at a time of weak demand from China, which is currently doomed by stock markets crash and disappointing data.

MCX copper prices declined by 0.9 percent to close at Rs.294.7 per kg in line with international trends.

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Friday, 15 January 2016

Today's Rubber Market Report by MarketMagnify

Thailand's government will buy 200000 tonnes of rubber directly from farmers at prices of up to 60 baht a kilogram, nearly double the market price, in a bid to placate increasingly disgruntled farmers as prices dip to a seven-year low.

Thai government has ordered eight ministries to buy rubber to help struggling farmers.

China imported 500,000 tons of natural and synthetic rubber in November 2015, representing an increase of 51.5 percent compared to the same month of 2014, according to statistics released by the General Administration of Customs of China.

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Commodity Market Updates on Natural Gas and Crude Oil

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Crude Oil (Rs/Bbl):
Jan. Crude Oil prices recovered from its swing lows at 2018 levels yesterday. Sustenance above 2090 will see prices test its immediate resistance at 2123 followed by major resistance zones between 2140—2163 levels. A daily close above 2163 will open upside targets of around 2295 levels for the counter. Intraday support is seen around 2030 levels.


Natural Gas (Rs./Mmbtu):
Natural gas can bounce higher until prices hold on to support around 149.50 levels. Immediate resistance for the counter is seen around155.50 above which prices will bounce towards158.50 levels. A decisive break down below 149 will see prices correct towards 146 levels.


Daily Commodity News on Precious Metals

Gold:
Gold prices have managed to rebound from its support around 25500 levels. Momentum above 26000 will see prices re-test its recent swing highs at 26123 levels. The counter is likely to face resistance as prices approach 26100 areas. Weakness below 25790 will push prices lower towards 25550/25500 levels.

Silver:
Silver moved higher once prices broke above its resistance at 33650 levels yesterday. Sustenance above 33900 on dips will see prices rally further towards 34400/34531 levels. A daily close above 34600 will open upside targets of 35140/35359 levels. Weakness below 33900 will push prices lower towards 33550/33400 levels again.

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Market Base Metals Trading News

Copper:
We reiterate our negative view on Copper until prices sustain below 297 levels. Sustenance below 291 will see prices slip towards 287.50/285 levels. Momentum above 297 will help the counter rebound towards resistance between 299.50/301 zones. A daily close around 300 levels will be the first sign of a reversal in the counter.

Zinc:
Zinc prices need to breakout above 100.70 levels to witness a strong pullback rally towards 104.50 areas. Until then intraday rallies towards 100.50 levels will face resistance. Weakness below 99.60 will push prices lower towards 98.15/97.60 levels. A daily close above 100.70 will be positive for the counter.

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Thursday, 14 January 2016

Daily Commodity News on Precious Metals

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Gold turned higher on Wednesday as the dollar fell, U.S. stocks dropped and a Federal Reserve president raised concerns about inflation expectations.

Also late in the session, Chicago Federal Reserve Bank President Charles Evans said he was nervous about the potential effects of China's slowdown on the U.S. economy and about the possibility that inflation expectations may be slipping.

Silver gained 2.6 percent to $14.15 an ounce. Chicago Federal Reserve Bank President Charles Evans said Wednesday he is nervous about the potential effects of China's slowdown on the

U.S. economy and about the possibility that inflation expectations may be slipping. China's slower growth could have knock-on effects to more than just its major trading partners, Chicago Federal Reserve Bank President told reporters after a speech here.

Commodity Market Updates on Natural Gas and Crude Oil

Brent crude ended 2 percent lower on Wednesday after falling below $30 a barrel for the first time since April 2004 as a growing stocks of oil in the United States stoked market fears about demand. Both Brent and U.S. crude futures saw highs early in the day of more than $1 above Tuesday's closing price on upbeat Chinese economic data earlier in the session.

U.S. natural gas futures edged higher on Wednesday as the market covered shorts after prices earlier this week fell almost 9 percent on forecasts for the weather to remain seasonally cold for the rest of the month.Over the past month, gas futures have been on a roller-coaster ride with changes in the weather. The front-month fell to a 16-year low of $1.684 on Dec.

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Market Base Metals Trading News

Copper rebounded on Wednesday from the 6-1/2 year low it hit a day earlier after upbeat Chinese trade data helped soothe concerns about demand for metals in the world's second-biggest economy.

China reported exports dipped just 1.4 percent in dollar terms in December compared with forecasts of an 8 percent drop. A 4 percent fall in imports was also much smaller than many had feared.

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Wednesday, 13 January 2016

Market Base Metals Trading News

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Nickel:
Failure to trade above 552 will see Nickel prices correct further towards 542.40 levels. The counter can witness a bounce until prices hold on above 542.40 levels. Any major upside though is likely only once prices breakout above 555. A decisive breakout above this level will push prices higher towards 563.40/566 levels. A daily close below 542 will be negative for the counter.

Aluminium:
Aluminium can slide lower if prices fail to trade above 99 levels. Major support for the counter is placed at 97.60 areas. A daily close below this level will push the counter lower towards 96.65/96 levels. Momentum above 99 will push prices higher towards 99.70/100 levels.


Commodity Market Updates on Natural Gas and Crude Oil

Crude Oil (Rs/Bbl):
Crude Oil continue to slide lower. Weakness below 2047 will push prices lower towards 2000/1974 levels. Pullback rallies will face selling around 2114-2125 zones. Major resistance for the counter is seen around 2160 levels.

Natural Gas (Rs./Mmbtu):
Natural gas prices have retraced from its swing highs at 165.70 levels. A decisive breakdown below 155 will see prices correct further towards 150/148.50 levels. The counter needs to show momentum above 159 to retest 162.50/164 levels.

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Daily Commodity News on Precious Metals

Gold:
Gold prices are consolidating at higher levels. A decisive breakdown below 25700 will push prices lower towards 25380 areas. Failure to break below this support will see prices rebound towards 26123 levels again. Sustenance above 26140 will push prices higher towards 26330 levels.

Silver:
Silver prices will slip towards major support around 33150—33030 levels if the counter starts to trade below 33400. Prices needs to show momentum above 33700 to re-test 34000 areas. Any major downside in the counter is likely only on a break below 33000 levels.

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Tuesday, 12 January 2016

Commodity Market Updates on Natural Gas and Crude Oil

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Crude Oil
WTI oil prices declined by 5.3 percent on Monday to close at $31.4 per barrel with prices declining to new 12-year lows as further ructions in the Chinese stock market threatened to knock crude as low as $20 a barrel.

On the MCX, oil prices declined by 7 percent to close at Rs.2089 per barrel.


Monday's price dive was the biggest one-day loss since September triggered a rash of panicky trading across the market. While China's volatility is spooking traders over the outlook for demand from the world's No. 2 consumer, drillers in the United States say they are focused on keeping their wells running as long as possible, despite the slump.

Daily Commodity News on Precious Metals

Gold
On Monday, spot gold prices declined by 0.9 percent to close at $1093.9 per ounce on account of strong dollar index, but the metal held around a nine-week high as pressure on stock markets continued to support investors' flight to safety. 

Asian shares sank to their lowest in more than four years on Monday after the People's Bank of China guided the yuan's midpoint rate sharply stronger. Global stock indexes and oil prices also dropped, continuing a brutal start to 2016.

On the MCX, gold prices declined by 0.43 percent to close at Rs.25870 per 10 gms.

Silver
Spot silver prices declined by half a percent on Monday to close at $13.9 per ounce in line with decline in gold prices. Strengthening dollar index and weak base metals pack further exerted downside pressure on silver prices.

On the MCX, silver prices declined by 0.47 percent to close at Rs.33664 per kg.

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Market Base Metals Trading News

Base Metals
Base metals on the LME traded lower yesterday as gloom in the Chinese equity markets along with string of weak economic data reinforced fragile prospects for growth and demand in the world's biggest consumer of industrial metals.

Copper
LME Copper prices plunged by 2.2 percent and fell to six and a half year low on Monday to close at $4387 per tonne as weak inflation numbers is an added drag on Chinese economy along with panic in the domestic equity markets. China's consumer inflation quickened slightly to 1.6 percent year-on-year in December while the producer price index was unchanged at -5.9 percent in December marking a 46th straight month of declines.

MCX copper prices declined by 2.5 percent to close at Rs.293.8 per kg in line with international trends.

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Monday, 11 January 2016

Daily Commodity News on Precious Metals

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Gold:
Gold prices have retraced from its highs at 26123 levels. Sustenance below 25900 levels will see prices slip towards major support areas around 25750 levels. Pullback rallies from lower levels will push prices higher towards 26120—26220 levels. We expect the counter to face selling at higher levels.

Silver:
Silver prices have retraced from its resistance at 34500. The counter can bounce until prices hold on above 33630 levels. Areas between 34390—34500 are strong resistance for the counter. A daily close below 33600 will push prices lower towards 33290/33150 levels.

Commodity Market Updates on Natural Gas and Crude Oil

Crude Oil (Rs/Bbl):
Crude Oil managed to rebound from its multi-year lows at 2156 levels yesterday. Intraday support for the counter is seen around 2225 below which prices will slip back towards 2184 areas. A decisive break out above 2292 will push the counter higher towards 2335/2400 levels. Daily close below 2184 will see the downtrend resume towards 2100/2070 areas.

Natural Gas (Rs./Mmbtu):
Natural gas prices moved higher post the inventory data yesterday. Sustenance above 160 will see prices test next resistance around 162 areas. Traders holding long positions should maintain a strict stop loss of 156.50. A decisive break below this level will push prices lower towards 151/149.70 levels. Sustenance above 162 will push the counter higher towards 165.

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Copper:
Copper prices needs to sustain above 305.50 to bounce towards next resistance between 307.50—308 areas. Failure to trade above this resistance will see prices slide towards 301/299.50 levels. Areas between 294.50 up to 293.50 are strong support zones for the counter.

Nickel:
Weakness below 560 will push nickel prices lower towards 551.50 levels again. The counter has to breakout above 575 for a near term trend reversal. Until then intraday pullback rallies will face resistance between 570—575 zones. Areas between 551 542.40 are major support zones for the counter.

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Friday, 8 January 2016

Commodity News on Natural Gas and Crude Oil

Crude Oil (Rs/Bbl):
Crude Oil prices are trading down with a cut of 3.5% currently. The counter will witness pullback rallies towards 2240/2270 areas. Fresh selling can be seen at higher levels. Weakness below 2156 will push prices lower towards 2100/2070 areas.


Natural Gas (Rs./Mmbtu):
Momentum above 156.50 will see Natural gas prices bounce higher towards 157.90/160 levels. The counter may not sustain at higher levels between 160—162 zones. Corrective moves from higher levels will see prices correct towards 149.80/146 zones. The counter needs to sustain above 162 for the rally to advance higher towards 167 areas.

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Gold:
Gold prices rallied to hit an intraday high of 26018 levels. The intraday outlook for the counter will turn negative if prices start to trade below 25690 levels. A sharp correction towards 25500/25450 areas is likely in that case. A decisive breakout above 26050 will push prices higher towards 26200 areas.

Silver:
Silver continues to under perform Gold. The intraday view for the counter will stay negative until prices stay below 34200. Sustenance above this level will push prices higher towards 34500 areas. Weakness below 33500 will push prices lower towards 33100/33000 areas

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Copper:
Copper moved lower once prices broke below its support at 307.50 levels. Sustenance above 304 will trigger an intraday bounce towards 306.50/307 levels. Prices can test its support around 300/299.50 levels. A daily close below 299.50 will push prices lower towards 293.50 levels.

Zinc:
Zinc prices can test its support between 98—97.60 zones. Failure to break below 97.60 will trigger a pullback rally in the counter. The intraday view for the counter will stay negative until prices stay below 101. The counter needs to sustain above 101 to bounce towards 102.50/103 areas. A daily close below 97.60 will be negative for counter.

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Thursday, 7 January 2016

Best Gold, Silver and Commodity Tips Provider In India

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Gold could continue its upward movement supported by safe-haven demand. Stronger Dollar could limit upside. Support is at 1072.0. Resistance is at 1083.1. MCX Gold could remain range bound to firm supported by firm overseas prices. Rupee has depreciated today and could support upside. Support is at 25321. Resistance remains at 25500. A break and close above could push prices to 25800 levels.

Silver could continue its upward movement supported by safe-haven demand. Stronger Dollar could limit upside. Support remains at 13.86. Resistance remains at 14.20. MCX Silver could remain range bound to firm supported by firm overseas prices. Rupee has depreciated today and could support upside. Support is at 33551. Resistance is at 33884.

Commodity News on Natural Gas and Crude Oil

Oil prices are trading lower today by 2.09 percent at $35.22 per barrel, while MCX oil prices is trading lower by 1.54 percent at Rs.2378 per barrel. Oil fell to its lowest in more than 11 years on Wednesday, down around 2 percent, as the row between Saudi Arabia and Iran was seen extinguishing any chance of major producers cooperating to cut production in the face of mounting global over supply.

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Commodity Market Base Metals Updates

LME copper prices are trading lower by 0.67 percent as while MCX copper prices are trading lower by 0.34 percent at Rs.309.55 per kg. Prices fell on Wednesday as sentiment remained shaky after data showed slower service sector growth in top consumer China, following on from a contraction in factory activity and a steep share market selloff this week.

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Wednesday, 6 January 2016

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Gold
On Tuesday, spot gold prices rose by 0.28 percent to close at $1077.3 per ounce as the metal gained for the second straight session after a wave of risk aversion due to growth worries in China and rising tensions in the Middle East triggered demand for the metal, despite the stronger U.S. dollar.

On the MCX, gold prices declined marginally by 0.04 percent to close at Rs.25388 per 10 gms.

Silver
Spot silver prices rose by 0.8 percent on Tuesday to close at $14 per ounce. The rise in silver prices is in line with gains in gold prices coupled with gains in copper prices. However dollar index which strengthened by 0.5 percent capped the rally.

On the MCX, silver prices rose by 0.4 percent to close at Rs.33666 per kg.

Commodity News on Natural Gas and Crude Oil

Crude Oil
WTI oil prices declined by 2.1 percent on Tuesday to close at $36 per barrel. Prices dropped towards its 11-year low, despite growing tensions between two of the world's biggest oil producers while the focus was on a stronger U.S. dollar and swelling U.S. crude inventories.

On the MCX, oil prices declined by 2.4 percent to close at Rs.2407 per barrel.

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Commodity Market Base Metals Updates

Base Metals
Base metals on the LME traded mostly lower yesterday as factory activity in the world's second-largest economy shrank in December for the tenth month in a row.

On the MCX, all the base metal prices (except copper and zinc) traded lower in line with international trends.

Copper
LME Copper prices rose by 0.8 percent on Tuesday to close at $4645 per tonne as China pumped in an estimated $20 billion to stabilise its equity and currency markets, though worries over slowing demand in the world's top metals user kept gains firmly in check.

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Tuesday, 5 January 2016

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Gold:
Momentum from current levels will push Gold prices higher towards 25415 areas. A daily close above 25415 will open upside targets of 25535/25640 levels for Gold. Intraday view for the counter will turn negative only if prices start to trade below 25090 levels. Sustenance below this level will push prices lower towards 24930/24880 levels again.

Silver:
Silver is trading up with a gain of close to 1% currently. Prices should test its immediate resistance around 33800—33850 levels. Failure to sustain between these areas will trigger a correction towards 33450/33350 zones. A daily close above 33850 will open upside targets of 34088/34300 levels for the counter.


Commodity News on Natural Gas and Crude Oil

Crude Oil (Rs/Bbl):
We reiterate that crude oil prices need to sustain above 2540 to rally higher towards resistance zones between 2590—2620 areas. Failure to sustain at higher levels will push prices lower towards 2440—2411 levels. Any major reversal in trend is likely only above 2660.

Natural Gas (Rs./Mmbtu):
A break below 149 will push Natural gas prices lower towards recent swing lows at 146.10. Pullback rallies will face resistance around 153.30—155 areas. Weakness at higher levels can be sold into by day traders. Areas between 160—162 are major resistance zones for the counter. A daily close below 146 will push prices lower towards 136.50.

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Commodity Market Base Metals Updates

Copper:
Copper prices are trading down with a cut of 2.3% currently. The counter should test its immediate support around 307.50 levels. Sustenance below this support will push prices lower towards 305.45/302.75 levels. The counter needs to trade above 310 to witness a bounce towards resistance at 312 areas.

Zinc:
Zinc can bounce higher towards 105.50/106.40 levels until prices hold on above 103 levels. A daily close below 103 will push prices lower towards 101.40/100.35 areas. Sustenance above 106.50 will push prices higher towards recent highs at 108.40.

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Friday, 1 January 2016

Gold and Silver Commodity Market Updates

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Gold. It suggests that prices are trading in sideways to downtrend. It is expected to fall below trend channel support line and correct down till 24850 levels. On upside, immediate resistance is located at 25060 levels.

Silver. It suggests that prices are making lower highs and lows. On upside, immediate support is located at 33800 levels. On downside, immediate support is located at 33030 levels. It is expected to remain under pressure.


Today's Commodity Market Energy Updates

Crude Oil. It suggest that prices are likely to find support near 2430 levels in today's session. Further support is located at 2385 levels. On upside, resistance is located at 2500 levels.

Natural gas. After gaining 13 percent in early days of this week, yesterday prices had corrected more than 6 percent. Today it has opened with gap up with 3 percent. However, this up move can be consider as correction of previous down move. Hence, prices are expected to correct on downside till 146.10 levels.

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Daily Commodity Market Base Metals Report


Copper. It suggest that prices have given breakout from symmetrical triangle. It is expected to retest previous high of 321.60 levels. On downside, immediate support is located at 314.50 levels.

Nickel suggests that prices are making higher highs and lows. On downside, immediate support is located at 575.50 levels. It is expected gain on upside till 596 levels.

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