After the yesterday huge damage in silver today its open at 57701 and goes 497 rs high from its last close at 57537 at 10:32 am. while the yellow metal is also showing a green flag and its go 112 rs high from its previous close at 10:33 am .Its previous close is 30800. Dollar price support the gold level, with the positive movement against Indian Rupees.base metal also trending positive in the market copper and nickle trade low today. Where as we are talking about the mentha oil is seem in good position today as compare to the yesterday trade. In this week cotton is the worst commodity who shocked everyone this is the first week in the last two month where cotton show fully negative in the market. Meanwhile the movement in the crude oil is very volatile from the starting of the year and we saw a lots of up and down in th crude oil . International market also showing the same position in the crude , in the Us market crude is affected by fiscal deflect and this is the reason behind the Asian market low.
If we talking about the whole week , movement in the bullion is showing a strong positioning the starting of the week but on the Friday we saw a huge depreciation in the bullion especially in the silver. While the yellow metal is hold there position in the market and moving between the 30000-32000. Gold showing a good support and resistance this year and expected to touch a target of 36000. Going towards the base metal , copper and nickle showing a good move this week while the lead , aluminum and zinc moving positive with a low changes. Movement in the mentha oil and cotton and very unexpected in this week from the starting. Natural gas showing a good movement its position is very stable in the market. This week natural gas is traded between 175 –190.
Today calls:-
Sell cotton(31 Jan) below 16410 tgt 16400, 16380…….sl 16450
Buy gold(5 feb) above 30900 tgt 30950, 31000………..sl 30800
Sell silver (5 march) below 57970 tgt 57900, 57850…..sl 58200
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Today bullion open slightly down, gold open at 29649 from it yesterday previous close 29668. Today market is looking little positive with volume. On MCX gold is trading on red side and expected to trade on bearish side. Today white metal open at 54434 and on intraday movement is looking very volatile and some hike is expected from silver. 