Thursday, February 13, 2014
Market Overview
Precious
metals
were
trading
flat, with gold
Economic Data
Initial Jobless Claims
Retail Sales (MoM)
Fed Chair Yellen
testifies
hovering around $1290 levels and hoping to
breach the $1300 level
Country
US
US
US
Time
7.00 pm
7.00 pm
8.30 pm
Exp
330K
0.3%
-
Prior
331K
0.2%
-
Industrial
metals were trading higher flat to
positive as traders took profits after buoyant
Chinese trade data yesterday
Crude
oil futures were trading slightly lower on
expectations one-time landlocked oil will continue
to flow to Gulf coast refineries from the U.S.
contract's benchmark delivery point
Evening View
Commodity
MCX Gold
View
Intraday support for the yellow metal is at 28960, till holds above will trade sideways
to up. Immediate resistance is at 29200-29250, sustained breach above the same
could extend upside towards 29470 - 29650. But breach below 28960 could negate
our view
Spot Gold continues to move higher and came very close to testing its resistance near
$1295 yesterday. Immediate support is at $1273 followed by strong support at $1265.
As long as above $1265, buying on dips is advisable for the upside target of
$1305/1320.
44250 - 44040 is key support for intraday, till holds above will trade sideways to up.
Immediate resistance for the white metal is at 45250 and sustained breach above
could extend upside towards 45600. Buying on dip is advisable for intraday
Spot Silver has been moving in a broad range of $18.90-20.55 (cmp $20.25) since
past two months and either side breach could decide the positional trend. Intraday
support is at $19.90/19.55, till holds above should trade sideways to up. Resistance is
pegged at $20.25/20.55. Intraday bias is sideways to positive. Breach above
20.45/20.55 would be strongly bullish for the metal.
Intraday support for copper remains 441, till holds above will trade sideways to up.
Immediate resistance is at 448 and sustained breach above the same could target 452
- 455. But, our view could negate if it breach below 441
Nickel traded with positive bias for the second straight session and looks to trade
sideways to up. Support for the day is at 880, till holds above buying is advisable for
intraday. Immediate resistance is at 902 and sustained breach above the same could
extend upside towards 907 - 910
Crude oil corrected yesterday on failure to breach resistance at 6270. For the day
Gold $ (SPOT)
MCX Silver
Silver $ (SPOT)
MCX Copper
MCX Nickel
MCX Crude

MCX Natural Gas
correction is expected to continue towards supports at 6170-6135 level. Selling on rise
is advisable for the day.
Price has strong support at 294/296 level while strong resistance is at 311 level. Any
sustainable move above 311 could target 315/322 level. Breach below 294 would
negate our bullish view. Intraday support is at 303/300/297 while resistance is at
310.6/312.6
Disclaimer