Daily Commodity Market News By Epic Research - 14th February 2014

COMMODITY WRAPUP

GOLD

GOLD MCX Short term trend is UP, Immediate support @ 29100 Immediate Resistance @ 29250 GOLD MCX Closed

@29132.00 Yesterday Intraday Range of GOLD MCX was 156 Volumes were 11036 lots. For today Keep a close eye on US

data, volatility may Rule the overall Market due to USDINR Movements.

BUY GOLD(APR) ABOVE 29250 TGTS 29330/29430 SL 29130

SELL GOLD(APR) BELOW 29100 TGTS 29020/28920 SL 29230

 

SILVER

SILVER MCX Short term trend is UP, Immediate support @ 44700Immediate Resistance @ 45050 SILVER MCX Closed @

44839.00 Yesterday Intraday Range of SILVER MCX was 372. Volumes were 12940 lots. For today Keep a close eye on US

data, volatility may Rule the overall Market due to USDINR Movements.

BUY SILVER ABOVE 45050 TGTS 45250/45550 SL 44700

SELL SILVER BELOW 44750 TGTS 44550/44250 SL 45100

DHANIYA

Dhaniya is near to its resistance level and there is some profit booking in higher side. Recommending buy on dips

momentum indicator RSI is above mid range but it is below overbought range.

Immediate support @ 9240 and immediate resistance @ 9425.

BUY DHANIYA APR ABOVE 9425 TGTS 9455,9505 SL 9375

SELL DHANIYA APR BELOW 9240 TGTS 9210,9160 SL 9290

SPECIAL NEWS

The U.S. Department of Labor reported today that the advance figure for seasonally adjusted initial claims was 339,000, for the week ending February 8, an increase of 8,000 from the previous weeks unrevised figure of 331,000. The 4-week mov- ing average was 336,750, an increase of 3,500 from the previ-

ous week’s revised average of 333,250. The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending February 1, unchanged from the prior week’s unrevised rate

The U.S. Commerce Department said that retail sales dipped by a seasonally adjusted 0.4% during the January 2014, disap- pointing expectations for a 0.3% increase. Retail sales for December were revised down to a 0.1% decline from a previ- ously reported increase of 0.2%. Core retail sales, which exclude automobile sales, were unchanged last month, compared to forecasts for a 0.1% increase. Core sales in December were revised down to a gain of 0.3% from a previously reported increase of 0.7%.

COMMODITY BUZZ

A sell off in Indian rupee kept the local gold futures supported even as the global prices showed signs of weariness after the quick gains in the last few days. The global prices witnessed some correction from its three-month highs today amid a mostly depressing turn in risky assets. COMEX Gold has been rallying in last few weeks on excellent buying sup- port after a massive correction in the last year. However, as the prices edged up towards the $1300 per ounce levels, traders are beginning to sell some of their longs to book profits. COMEX futures are quoting at $1293.30, down $1.70 per ounce.

US markets dropped last night. The Federal Reserve will probably have to return to more traditional policy-making now that the US jobless rate has fallen to 6.6 per cent, so close to the US central bank’s existing 6.5-per cent thresh old for considering an interest-rate rise, a top Fed official

said on Wednesday. St. Louis Fed President James Bullard, noted in a speech that the Fed will have to adjust its socalled forward guidance on monetary policy. the Fed to drop its economic thresholds and have to make more quali tative judgments on when to tighten policy.

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