April 20, 2021

gold worth at the moment: Commodity methods: Gold, silver, crude, base metals



By Tapan Patel

Commodity costs soared on Tuesday, taking cues from a robust international development because the commodity costs continued its successful streak from Monday with many of the commodities within the non-agro section reported beneficial properties of over 1 per cent within the earlier session. Crude oil costs continued surging to multi-month highs on stronger demand prospects. Bullion costs gained on weaker greenback over stimulus hopes. Here’s a have a look at how totally different commodities are behaving in at the moment’s market.

Outlook: Bullion

Bullion costs traded larger for the third day with spot gold worth at COMEX was buying and selling with over half a % beneficial properties close to $1,840 per ounce whereas spot silver worth at COMEX waas buying and selling at $27.50 per ounce rallying 0.86 per cent within the morning commerce. Bullion costs continued upside transfer on US stimulus hopes after US democrats launched first draft of key laws together with Biden’s covid reduction invoice. Treasured metals additionally obtained help from weaker greenback index which was buying and selling under 91 mark in early commerce. We count on 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 help at Rs. 47,800 per 10 grams.

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

Outlook: Crude Oil

Crude oil costs traded close to 13 months highs with benchmark NYMEX WTI crude oil costs have been buying and selling up by 0.78 per cent to $58.42 per barrel on Tuesday. Crude oil costs have been boosted by decrease provide issues from main oil producers and demand restoration from stimulus hopes. The extra provide cuts from Saudi Arabia until March has achieved among the goal of the balancing oil market. Crude oil costs are anticipated to commerce up for the day on optimistic international cues.

Buying and selling Technique:

MCX Crude Oil February help lies at Rs. 4,210 per barrel with resistance at Rs. 4,320 per barrel.

Outlook: Base Metals

Base metals complicated traded optimistic with many of the metals witnessed shopping for on Tuesday with Nickel gaining probably the most. Base metals costs gained on weaker greenback and stimulus hopes together with decrease provide from China on Lunar day holidays. Copper costs gained as future contracts entered into backwardation on provide crunch. Base metals are anticipated to commerce sideways to up for the day.

Buying and selling Technique:

MCX Copper February help lies at Rs. 621 and resistance at Rs. 627.

MCX Zinc February help lies at Rs. 210, resistance at Rs. 214.

MCX Nickel February help 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 continued its rebound and worth has closed above the bullish inside candle sample excessive at Rs 47,673. In the meantime, worth is buying and selling above the 5 day EMA (47,670) which additionally strengthened the rally in worth rise. The restoration in Gold futures obtained help from the reversal in RSI. The power index has moved above 40 after testing the oversold zone of 20, which suggests a restoration section in gold is perhaps witnessed. Now the important thing resistance for the worth exists round Rs 48,450 (200 DEMA), which may very well be the target within the close to time period. Going by the above evaluation, worth is anticipated to maneuver within the band of Rs 47,600-48,450 with sideways to optimistic bias. Solely shut under Rs 47,100 would weaken the restoration.

Technique:

Purchase MCX Gold April at Rs 47,670 with a goal of Rs 48,400 and a cease loss at Rs 47,200.

MCX Silver March futures continued its rally on Monday because it held the help of 50 DAY EMA (66,530) and decrease band of upward sloping channel. In the meantime, worth has moved above the 21 day EMA (67,980), which may very well be the important thing help for the day and any dip in direction of the identical may entice 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 (56) suggesting sideways development. For the day worth is anticipated to maneuver within the vary of Rs 68,000-72,670 with a sideways to optimistic bias. Solely a detailed under Rs 66,300 would reverse the development to impartial.

Technique:

Purchase MCX Silver March at Rs 69,200 with a goal of Rs 72,600 and a cease loss at Rs 67,900.

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