April 15, 2021

gold value right now: Commodity methods: Gold, silver, crude, base metals



By Tapan Patel

Commodity costs traded blended on Tuesday with a lot of the commodities within the non-agro phase traded agency for the day. Base metals complicated witnessed sturdy shopping for with copper rallying essentially the most. Bullion costs continued shifting upside supported by weaker greenback which fell by over half a % for the day. Here’s a take a look at how completely different commodities are behaving in right now’s market.

Outlook: Bullion

Bullion costs traded increased for the fourth day with spot gold value at COMEX was buying and selling close to $1,845 per ounce whereas spot silver value at COMEX was buying and selling at $27.38 per ounce within the morning commerce. Bullion costs continued upside transfer on US stimulus hopes and greenback decline. We anticipate bullion costs to commerce sideways to up for the day.

Buying and selling Technique:

MCX Gold April resistance for the day lies at Rs. 48,200 per 10 grams with assist at Rs. 47,800 per 10 grams.

MCX Silver March assist lies at Rs. 68,000 per KG, resistance at Rs. 72,500 per KG.

Outlook: Crude Oil

Crude oil costs halted good points with benchmark NYMEX WTI crude oil value was buying and selling marginally down at $58.31 per barrel on Wednesday. Crude oil costs traded regular close to the resistance degree regardless of of weekly stock draw. The indicators of provide tightness might assist oil costs to commerce agency within the close to time period. Crude oil costs are anticipated to commerce sideways to up for the day.

Buying and selling Technique:

MCX Crude Oil February assist lies at Rs. 4,190 per barrel with resistance at Rs. 4,320 per barrel.

Outlook: Base Metals

Base metals complicated traded constructive as a lot of the metals witnessed shopping for on Wednesday with Copper gaining essentially the most. Base metals costs gained on weaker greenback and stimulus hopes together with decrease provide from China on Lunar day holidays. Copper costs continued upside on demand development prospect with provide crunch within the spot market. Base metals are anticipated to commerce sideways to up for the day.

Buying and selling Technique:

MCX Copper February assist lies at Rs. 632 and resistance at Rs. 640.

MCX Zinc February assist lies at Rs. 213, resistance at Rs. 219.

MCX Nickel February assist lies at Rs. 1,310 with resistance at Rs. 1,360.

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

By Ravindra Rao

MCX Gold April future moved in a slender vary after retracing 50 per cent of the latest decline. Nevertheless, on the day by day charts value has closed above the bullish inside candle sample at Rs 47,673 together with the 5 day EMA (47,670) which has strengthened the restoration. The restoration within the Gold futures acquired assist from the reversal in RSI as nicely. The power index has moved above 40 after testing the oversold zone of 20, which suggests a restoration part in gold could be on. Now the important thing resistance for value exists round Rs 48,450 (200 DEMA), which might be the goal within the close to time period. Going by the above evaluation value is anticipated to maneuver within the band of Rs 47,600-48,450 with sideways to constructive bias. Solely a detailed beneath Rs 47,100 would weaken the restoration.

Technique:

Purchase MCX Gold April Rs 47,670 with a goal of Rs 48,300 and a cease loss at Rs 47,400.

MCX Silver March futures additionally moved in a sideways vary after retracing 50 per cent of the latest fall close to Rs 70,380. In the meantime, value has moved above the bullish crossover of 5 (69,190) and 21 day EMA (68,080), which might be the important thing assist for the day and any dip in direction of the identical may appeal to shopping for. On the upside, key resistance exists round Rs 71,300, adopted by Rs 72,670. On the momentum entrance, RSI has moved above the midline (55) suggesting sideways pattern. Nevertheless, it must maintain above to rebuild the power. For the day, value is anticipated to maneuver within the vary of Rs 68,000-72,670 with a sideways to constructive bias. Solely a detailed beneath Rs 66,300 would reverse the pattern to impartial.

Technique:

Purchase MCX Silver March at Rs 69,200 with a goal of Rs 71,300 and a cease loss at Rs 67,900.

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