April 15, 2021

gold fee at present: Commodity methods: Gold, silver, crude, base metals



By Tapan Patel

Commodity costs traded blended on Wednesday as bullion costs pared this week’s features whereas crude oil and base metals traded larger on optimistic international cues. The greenback index ended marginal larger on Wednesday witnessing restoration. Here’s a have a look at how totally different commodities are behaving in at present’s market.

Outlook: Bullion

Bullion costs traded regular with spot gold costs at COMEX was buying and selling close to $1,917 per ounce whereas spot silver costs at COMEX was buying and selling close to $27.05 per ounce. Bullion costs traded beneath strain after falling by almost 2 per cent on Wednesday with rise on US treasury yields. The democrats are set to take management of the US senate which triggered revenue reserving in bullion with rising bond yields. 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. 50,400 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 larger for the third consecutive day with benchmark NYMEX WTI crude oil costs traded above $51 per barrel within the morning commerce. Crude oil costs gained with rally in equities, bullish stock information and expectations of tighter provide. The Saudi Arabia stunned the market with its pledge to chop 1 mb per day of output in February and March. 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. 3,670 per barrel with resistance at Rs. 3,780 per barrel.

Outlook: Base Metals

Base metals traded larger on Thursday as nickel costs rallied essentially the most with 1.55% features within the morning commerce. Copper costs hit the 7 years highs whereas LME Nickel crossed $18,000 per ton on larger demand prospects. Base metals witnessed robust shopping for this week supported by greenback decline and optimistic financial information. Copper costs bought extra help from provide disruption fears from Peru over protest. Base metals are anticipated to commerce sideways to up for the day.

Buying and selling Technique:

MCX Copper January help lies at Rs. 615 and resistance at Rs. 625.

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. 1,360.

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

By Ravindra Rao


MCX Gold February witnessed sharp decline because it failed to maneuver past the upper band of the upward rising channel resistance close to Rs 51,850. In the meantime worth is buying and selling near the decrease band of the channel and close to the 21 day EMA help at Rs 50,232, which might restrict additional draw back in gold costs. On the momentum entrance RSI is hovering close to 53 suggesting sideways bias. Nonetheless failure to carry above 50 would weaken the power within the worth pattern. For the day, worth anticipated to maneuver within the band of Rs 50,200-51,100 with a sideways bias. Though the bottom pattern is optimistic a detailed under Rs 49,800 would change the bias to impartial.

Technique:

Purchase MCX Gold Feb at Rs 50,300 with a goal of Rs 51,100 and a cease loss at Rs 49,800.

MCX Silver March future additionally adopted the trail of gold and witnessed a steep decline as worth did not transcend its earlier prime at Rs 71,650 registering a similar prime. In the meantime worth is buying and selling under the 5 day EMA (69,450) and near the channel help of Rs 68,400. Failure to carry the help at Rs 68,400 would weaken additional in the direction of the 21 day EMA help at Rs 67,350. Nonetheless RSI on the day by day charts is hovering close to 60 suggesting firmness in pattern. For the day worth is anticipated to maneuver within the band of Rs 68,400-71,600 with a sideways bias. Solely a transfer on both facet of the vary would resolve additional path in costs.

Technique:

Purchase MCX Silver Mar at Rs 68,600 with a goal of Rs 70,950 and a cease loss at Rs 67,200.

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