Daily Commodity Market News By Epic Research - 07th February 2014
COMMODITY WRAPUP
GOLD
GOLD MCX Short term trend is UP, Immediate support @ 28600 Immediate Resistance @ 29000 GOLD MCX Closed
@ 28632 . Yesterday Intraday Range of GOLD MCX was 313 Volumes were 15280 lots. For today Keep a close eye on
US data, volatility may Rule the overall Market due to USDINR Movements.
BUY GOLD(APR) ABOVE 28900 TGTS 28980/29080 SL 28780
SELL GOLD(APR) BELOW 28600 TGTS 28520/28420 SL 28720
SILVER
SILVER MCX Short term trend is UP, Immediate support @ 44950 Immediate Resistance @ 45250 SILVER MCX Closed @
43557.00 . Yesterday Intraday Range of SILVER MCX was 740. Volumes were 25230 lots. For today Keep a close eye on US
data, volatility may Rule the overall Market due to USDINR Movements.
BUY SILVER ABOVE 44700 TGTS 44900/45200 SL 44300
SELL SILVER BELOW 44300 TGTS 44100/43800 SL 44700
DHANIYA
Daily chart of Dhaniya shows bullishness and it will continue its rally from nearest support level toupper side. Fundamentally also Dhaniya is in bullish trend. Recommending buy on dips, momen-
tum indicator RSI taking support of mid range, Again signs bullishness. Immediate sup-
port @ 8095 and immediate resistance @ 8235.
BUY DHANIYA FEB ABOVE 8235 TGTS 8265,8315 SL 8185
SELL DHANIYA FEB ABOVE 8095 TGTS 8065,8015 SL 8145
SPECIAL NEWS
Global food prices decreased for the first time in three months in January, reflecting lower prices of
cereals, sugars, oils and meat, a report published by the Food and Agricultural Organization (FAO)
reveled Thursday. The FAO food price index, which measures changes in prices of internation-
ally traded food commodities, decreased 1.3 percent month-on-month in January. Sugar price
dropped 5.6 percent during the month, and costs of vegetable oils fell 3.8 percent. Cereal prices
were down by 1.6 percent than in December. Meat prices also declined modestly during the
month. Offsetting these declines partially, diary prices advanced 1.3 percent.
The Bank of England’s monetary policy committee today voted to maintain bank rate at 0.5% and also
decided to maintain the stock of purchased assets financed by the issuance of central bank reserves
at £375 billion.
COMMODITY BUZZ
MCX Crude oil futures edged up amid a supportive global scenario and topped highs above Rs 6100 per
barrel. Global crude oil prices extended their recent recovery and witnessed good buying today. The WTI
Crude oil futures are trading at $98.15, up 77 cents per barrel on the day. MCX Crude oil futures are trad-
ing at Rs 6129, up Rs 36 per barrel on the day or 0.59% with 10% increase in the open interest.
European stocks have started on a positive note yesterday and the positive momentum is likely to support
gold prices. The US dollar also gave up some of its recent gains and supported the gold prices. it will trim
monthly bond buying by $10 billion after deciding in December to reduce purchases by the same amount as the economy improved. The Deutsche Bundes bank reported today that German factory orders increased 6% annually in December, lower than the 7.2% increase reported in November. On a monthly basis, factory orders fell 0.5% in December.
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