KEYS TO TRADE IN COMMODITY FOR 20/01/2014

Precious metals closed positive on Friday’s trading session where Gold settled up 0.8% at 29265 as weakness in U.S. equities, strong fund buying and Asian physical demand lifted bullion prices. Silver settled up 1.33% at 45136 with investors turning to the precious metal after global equity markets trended lower after a government report showed the cost of living in the US increased by the most in six months. The two commodities are looking positive for today but the upside seems to be limited where resistance for Gold is at 29370 & 29450 and resistance for Silver is at 45500 & 45900.

 On Friday’s trading session almost all base metals closed positive except Nickel closed flat. The demand for the metals grows despite slowing economy. And, for today’s trading session the metals are expected to trade with positive bias and may advance further.

 MCX Crude Oil settled up 0.64% at 5859 hit a two-week high on Friday, amid expectations the U.S. economic recovery will continue to deepen going into this year. International markets took resistance near 95$ level but once it closes above this level the trend will change for the commodity. Intraday support for Crude Oil is at 5800 and resistance is at 5850 & 5890.

 MCX Natural Gas settled down -1.15% at 266.10 declined on Friday, as investors locked in gains from the previous session’s strong rally which took prices to the highest closing level of the year. The commodity is expected to remain under pressure but from higher levels. Support for Natural Gas is at 262 & 258 and resistance is at 266 & 269 in this commodity.