April 19, 2021

gold charge in the present day: Commodity methods: Gold, silver, crude, base metals



Tapan Patel

Commodity costs traded optimistic on Thursday as crude oil and base metals traded greater besides bullion. The greenback index rebounded from two months lows gaining 0.33 per cent with rise in treasury yields regardless of of stimulus hopes. Here’s a take a look at how totally different commodities are behaving in in the present day’s market.

Outlook: Bullion

Bullion costs traded below strain with spot gold costs at COMEX was buying and selling close to $1,910 per ounce whereas spot silver costs at COMEX was buying and selling at $27.05 per ounce within the morning commerce conserving the decrease buying and selling vary. Bullion costs continued draw back as buyers rush for brief unwinding in greenback amid surge in US treasury yields. Nonetheless, we count on bullion costs to restrict draw back on stimulus push as path for US President Joe Biden is evident after taking management over senate. We count on bullion costs to commerce sideways to down for the day.

Buying and selling Technique:

MCX Gold February resistance for the day lies at Rs. 51,100 per 10 grams with help at Rs. 50,500 per 10 grams.

MCX Silver March help lies at Rs. 68,500 per KG, resistance at Rs. 70,800 per KG.

Outlook: Crude Oil

Crude oil costs traded agency extending the weekly features with benchmark NYMEX WTI crude oil costs traded close to $51 per barrel within the morning commerce. Crude oil costs continued upside on Saudi output reduce pledge and demand progress optimism. The rally in fairness indices additionally supported oil costs to commerce excessive for the day. Crude oil costs are anticipated to commerce sideways to up for the day on optimistic international cues.

Buying and selling Technique:

MCX Crude Oil January help lies at Rs. 3,690 per barrel with resistance at Rs. 3,790 per barrel.

Outlook: Base Metals

Base metals traded combined on Friday with Copper costs extending features on supportive fundamentals, whereas remainder of the metals stored the agency buying and selling vary. Copper costs traded close to 7 years highs on provide disruption fears from Peru over protest. The optimistic financial information from US boosted shopping for on demand restoration hopes. Base metals are anticipated to commerce sideways to up for the day.

Buying and selling Technique:

MCX Copper January help lies at Rs. 625 and resistance at Rs. 632.

MCX Zinc January help lies at Rs. 223, resistance at Rs. 228.

MCX Nickel January help lies at Rs. 1,290 with resistance at Rs. 1,340.

(Tapan Patel is a Senior Analyst (Commodities) at HDFC Securities)


By Ravindra Rao

MCX Gold February is consolidating in a spread of Rs 50,550-51,100 after its sharp decline. Value is buying and selling contained in the rising pattern channel, the place decrease band help exists round Rs 50,400, adopted by 21 day EMA help at Rs 50,290, which might restrict additional draw back in gold costs. On the momentum entrance RSI is hovering close to 56, suggesting sideways bias. Nonetheless failure to carry above 50 would weaken the energy within the value pattern. Value anticipated to maneuver within the band of Rs 50,250-51,100 with sideways bias. Both aspect break of the vary would additional determine the route in costs.

Technique:

Purchase MCX Gold Feb at Rs 50,550 with a goal of Rs 51,100 and a cease loss at Rs 50,200.

MCX Silver March future additionally moved in a slender vary of Rs 69,200-70,600. On the upside Rs 71,650 holds the important thing resistance, solely a sustained transfer above it might prolong additional features. Equally on the draw back Rs 68,400 holds key help which is the decrease band of the rising channel. Failure to carry the help at Rs 68,400 would weaken the costs additional in direction of the 21 day EMA help at Rs 67,450. Nonetheless RSI on the day by day charts is hovering close to 62 suggesting firmness in pattern. For the day value is predicted to maneuver within the band of Rs 68,400-71,600 with sideways bias. Solely a transfer on both aspect of the vary would determine additional route in costs.

Technique:

Purchase MCX Silver Mar at Rs 68,600 with a goal of Rs 70,950 and a cease loss at Rs 67,400.

(Ravindra Rao is VP-Head Commodity Analysis at Kotak Securities)