Daily Commodity Market News By Epic Research - 26th February 2014
COMMODITY WRAPUP
GOLD
GOLD Price is near to its resistance level trend is sideways to bullish, MACD is above mid range signs bullishness
immediate support @ 30065 & immediate resistance @ 30260.
BUY GOLD APR ABOVE 30260 TGTS 30310,30390 SL 30170
SELL GOLD APR BELOW 30065 TGTS 30015,29925 SL 30155
SILVER
Silver daily chart trend is Bullish after breaking sideways trend now consolidating in upper level.
from last week, RSI indicator is near to over bought zone. Immediate support @ 47400 immediate resistance @ 47950
BUY SILVER MAR ABOVE 47950 TGTS 48150,48350 SL 47600
SELL SILVER MAR BELOW 47400 TGTS 47200,47000 SL 47750
GUARGUM
BUY GUARGUM ABOVE 13000 TGTS 13050,13150 SL 12910
SELL GUARGUM BELOW 12850 TGTS 12800,12700 SL 12940
SPECIAL NEWS
Consumers in the US are increasingly opting for highercaratage of gold in diamond-studded ornaments, as this hashigh resale value. This will benefit India more than anyother country, as 38 per cent of the jewellery consumed inthe US is sourced from India. The US accounts for about 40per cent of the global jewellery consumption. “Now, jewel-lery buyers in the US have started looking at the real(resale) value of jewellery. Instead of nine-carat gold ear-lier, consumers are demanding 14-, 18- and 19-carat gold in
diamond jewellery,” said Somasundaram PR, managing director, World Gold Council (India)
The American Petroleum Institute late Tuesday reported aclimb of 822,000 barrels in crude supplies for the weekended Feb. 21. The increase was less than expected, as analysts surveyed by Platts had forecast a climb of 1.5 million barrels in crude supplies. API reported gasoline stockpilesedged down by 314,000 barrels, while distillate supplies fell 693,000 barrels. Analysts were looking for gasoline supplies
to decline 1.5 million barrels and distillate inventories tofall by 2 million barrels. The more closely watched Energy Information Administration report is due Wednesday.
COMMODITY BUZZ
Gold futures slipped down again in the Asia electronic tradesyesterday after swinging higher above $1340 an ounce over-night as a widely-watched gauge of U.S. consumer confidencecame in weaker than expected raising expectations that theFed may reduce the pace of QE windup. Gold futures forApril delivery are trading down $1 at $ 1341.7 an ounce onthe Comex division of the New York Mercantile Exchange.Yesterday, it ended up $4.70, or 0.4%, at $1,342.70 an ounce.The Conference Board reported that its consumer confidenceindex slipped to 78.1 in February from 79.4 in January,mainly due to concerns over general business conditions, jobsand earnings.
Copper futures fell further by 0.23% to Rs 446.20 per kg to-day as speculators engaged in reducing exposures. However,slump in stockpiles capped the losses. At the Multi Commodity Exchange, copper for delivery in April eased by Rs 1.05, or 0.23%, to Rs 446.20 per kg in a turnover of 603 lots. February
copper shed 55 paise, or 0.12%, to Rs 445.85 per kg in a business volume of 3,113 lots.
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