April 16, 2021

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



By Tapan Patel

Commodity costs traded decrease with many of the commodities within the non-agro phase witnessed promoting besides crude oil. Crude oil futures rallied to the very best ranges in a yr on demand development optimism. Bullion costs declined on stronger greenback and constructive financial information from US, whereas base metals witnessed muted buying and selling forward of Chinese language holidays. The greenback index ended up by 0.39 per cent for the day. Here’s a have a look at how completely different commodities are behaving in right now’s market.

Outlook: Bullion

Bullion costs traded agency on Friday with spot gold value at COMEX was buying and selling close to $1,798 per ounce whereas spot silver value at COMEX was buying and selling at $26.36 per ounce within the morning commerce. Bullion costs halted declines close to the assist ranges as worth buyers may even see a great alternative to enter lengthy. Earlier, bullion costs witnessed promoting on rise in bond yields and greenback energy over constructive financial information. The merchants and buyers are trying ahead for US Non-Farm payroll information to be launched within the night. We count on bullion costs to commerce sideways to down for the day.

Buying and selling Technique:

MCX Gold April resistance for the day lies at Rs. 47,200 per 10 grams with assist at Rs. 46,500 per 10 grams.

MCX Silver March assist lies at Rs. 65,800 per KG, resistance at Rs. 69,500 per KG.

Outlook: Crude Oil

Crude oil costs traded larger with benchmark NYMEX WTI crude oil costs had been buying and selling almost 1 p.c as much as $56.73 per barrel on Friday. Crude oil costs traded close to the very best ranges since January 22 of final yr on gasoline demand restoration hopes backed by robust financial information and vaccine rollouts. The decrease provide with output cuts from OPEC plus and weekly drawdowns in US inventories has additionally supported crude oil costs to commerce larger. Crude oil costs are anticipated to commerce for the day on constructive world cues.

Buying and selling Technique:

MCX Crude Oil February assist lies at Rs. 4,090 per barrel with resistance at Rs. 4,180 per barrel.

Outlook: Base Metals

Base metals complicated traded larger as Nickel, Zinc and Copper costs had been buying and selling with over half a p.c beneficial properties on Friday backed by constructive financial information from the US. Zinc costs was supported by fears of tightening provide of iron ore in China. The slower tempo of financial restoration and Chinese language Lunar day holidays could restrict the upside in base metals until mid-February. Base metals are anticipated to commerce sideways to up for the day.

Buying and selling Technique:

MCX Copper February assist lies at Rs. 597 and resistance at Rs. 605.

MCX Zinc February assist lies at Rs. 208, resistance at Rs. 213.

MCX Nickel February assist lies at Rs. 1,270 with resistance at Rs. 1,320.

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

By Ravindra Rao

MCX Gold April future has breached the important thing assist of Rs 47,250 (50 per cent Fibonacci stage) because it failed to maneuver above the 5 day EMA of Rs 47,770. The adverse crossover of 5 and 21 day EMA stored a examine on the upside in costs. Furthermore, weak spot within the energy index RSI (22) additionally led value to slip under the important thing assist. Nevertheless, the oversold situation in gold might anytime set off revenue taking. In the meantime, assist for April gold futures exists round Rs 46,200-46,100 zone (Development Line), which might be the important thing assist within the quick time period. Solely failure to carry would change the pattern to impartial. So for the day value is predicted to commerce within the broad vary of Rs 46,200-47,250 with a sideways bias. Solely a sustained transfer above Rs 47,770 would carry recent shopping for curiosity within the steel.

Technique:

Promote MCX Gold April at Rs 47,200 with a goal of Rs 46,500 and a cease loss at Rs 47,600.

MCX Silver March futures weakened additional because it has breached the 21 and 5 day EMA helps at Rs 67,700 and Rs 68,200 respectively. In the meantime, value remains to be buying and selling within the broad rising pattern channel with decrease sure assist close to Rs 66,200, adopted by Rs 65,050 (Current Backside). Alternatively, key resistance exists round Rs 68,200 and Rs 69,400. On the momentum entrance, RSI has moved under the midline (46) after hitting the overbought zone. This means the worth to go additional below consolidation. So for the day, value is predicted to maneuver within the vary of Rs 66,200-68,200 with a sideways pattern. Solely an in depth under Rs 65,050 would reverse the pattern to impartial.

Technique:

Promote MCX Silver March at Rs 67,600 with a goal of Rs 66,200 and a cease lack of Rs 68,400.

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