Daily Commodity Market News By Epic Research - 10th February 2014

COMMODITY WRAPUP

GOLD

After expiry gold seems very volatile, buying in lower level and profit booking in higher level is putting gold trend

into chaos. Although price is in under pressure due to negative US nonfarm payrolls data, and closure of Chinese

markets for the Lunar New Year holiday also weighed on volumes.. We expect price can correct up to 28500

BUY GOLD (APR) ABOVE 29100 TGTS 29250/29450 SL 28900

SELL GOLD (APR) BELOW 28550 TGTS 28400/28200 SL 28750

SILVER

Silver has recovered from its support level of 42800, although profit booking at higher level capping the price,

but we expect that it may recover more up to 45800/46200

BUY SILVER (MAR) ABOVE 45250 TGTS 45500/45900 SL 44850

SELL SILVER (MAR) BELOW 43800 TGTS 43550/43150 SL 44200

DHANIYA

Daily chart of Dhaniya shows bullishness and it will continue its rally from nearest support level to upper side. Fun-

damentally also Dhaniya is in bullish trend. Recommending buy on dips, momentum indicator RSI taking support

of mid range, Again signs bullishness. Immediate support @ 8250 and immediate resistance @ 8350.

BUY DHANIYA FEB ABOVE 8350 TGTS 8380,8430 SL8300

SELL DHANIYA FEB BELOW 8250 TGTS 8220,8170 SL 8300

SPECIAL NEWS

The USDA release has lowered their outlook for Ar gentina’s soybean and corn harvests due to warning

high temperatures and a lack of rain have latest negavery high temperatures combined with scarce soil hu tively impacted the crops. an unusual long period ofvery high temperatures combined with scarce soil humidity in mid-December negatively affected almost all early planted corn. USDA cut their corn production estimate for the 2013-14 season by 1.2m tonnes to 23.8m tonnes. The downgrade came despite rain relief for later planted corn,

The area under rabi crops stands at 654.16 lakh hec- tares, up 5.71% compared to the last year, according to latest updates from the Agricultural Ministry. The sowing is drawing to a close in almost all parts of the country. Apart from coarse cereals, all other crops have witnessed an increase in the acreage. Wheat acreage is up 5.74%, rice up 37.63% and pulses up 6%

COMMODITY BUZZ

The US dollar also gave up some of its recent gains and

supported the gold prices. The greenback had hit a two month high against the Euro as the Federal Reserve said it will trim monthly bond buying by $10 billion after deciding in December to reduce purchases by the same amount as the economy improved, helping to end gold’s 12-year bull run.

Crude oil futures have also been rising over last few weeks. WTI Crude edged up from its multi month lows in the first week of January and stayed supported. Oil wit- nessed a big boost after the US the Labor Department reported payrolls in the US rose less than projected in January as retailers cut back after the holidays and government hiring fell. In Eurozone, the Markit Composite PMI,

which gauges business activity across companies, has hit its highest level in two and half years

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