January 21, 2021

commodity costs: Commodity methods: Gold, silver, crude, base metals

By Tapan Patel

Commodity costs continued to commerce combined on Monday. Bullion costs prolonged energy in the beginning of the week after witnessing restoration in final buying and selling session. Crude oil futures continued to witness draw back on weak fundamentals whereas base metals stored in a gradual buying and selling vary supported by optimistic Chinese language information. The greenback index was buying and selling up after Europe went for recent lockdown.

Here’s a have a look at how totally different commodities are behaving in immediately’s market.

Outlook: Bullion
Bullion costs have been buying and selling agency on Monday morning with COMEX spot gold costs close to $1,880 per ounce whereas spot silver costs at COMEX traded close to $23.85 extending good points regardless of a stronger greenback. Bullion costs have been up forward of the US Presidential election and lockdown in Europe. Bullion costs are anticipated to commerce in present vary with sideways to upmove for the day on weak world cues.

Buying and selling Technique: MCX Gold

  • Resistance for the day lies at Rs 51,000 per 10 grams
  • Assist at Rs 50,500 per 10 grams

MCX Silver

  • Assist lies at Rs 60,500 per kg
  • Resistance at Rs 62,500 per kg

Outlook: Crude Oil
Crude oil costs prolonged decline on Monday with benchmark WTI crude oil costs down by practically 4% at $34.41 per barrel. The weaker demand considerations over surge in virus circumstances with lockdown measures in Europe and oversupply state of affairs has pressured crude oil costs to commerce weak. The lockdowns concern within the US over report circumstances has additionally stored costs decrease. We count on crude oil costs to commerce down for the day on broad weak fundamentals.

MCX Crude Oil

  • Buying and selling Technique: Promote on rise
  • Assist at Rs 2,490 per barrel
  • Resistance at Rs 2,630 per barrel

Outlook: Base Metals

Base metals costs have been combined with a lot of the metals buying and selling in a spread on stronger greenback and demand worries after lockdown in Europe. Base metals held some floor after the China Caixin Manufacturing PMI got here at 53.6 in opposition to a forecast of 52.9. Copper costs might commerce beneath stress following weak world fairness indices and demand development considerations.

Buying and selling Technique: MCX Copper

  • Assist lies at Rs 521
  • Resistance at Rs 529

MCX Nickel

  • Assist lies at Rs 1,130
  • Resistance at Rs 1,160

The writer is Senior Analyst (Commodities), HDFC securities