Silver costs in the present day: Commodity methods: gold, silver, crude, base metals

By Tapan Patel

Commodity costs traded on a combined word on Tuesday, persevering with the development of the earlier session. On Monday, bullion costs traded weak whereas crude oil costs traded larger amid tensions within the Center East. Base metals fell on tightening Chinese language coverage amid inflation fears. The greenback index traded muted as US bond yields edged up for the day. Right here is an summary of the habits of various commodities within the present market.

Outlook: ingots

Bullion costs traded stably, with the COMEX spot gold worth buying and selling close to $ 1,730 per ounce, whereas the COMEX silver spot worth traded close to of $ 24.84 an oz. in morning commerce, holding itself within the higher buying and selling vary. Treasured metals remained in a uneven buying and selling vary with fluctuations within the greenback and marginal features in US bond yields. Traders and merchants have purchased protected haven property on the depreciating greenback as a result of inflation fears. We count on bullion costs to commerce sideways larger for the day.

Buying and selling technique:

June gold resistance for the day stands at Rs. 46,800 per 10 grams with assist at Rs. 46,200 per 10 grams.

MCX Silver Might assist stands at Rs. 65,200 per KG, resistance at Rs. 67,800 per KG.

Outlook: crude oil

Crude oil costs traded larger as benchmark NYMEX WTI crude oil costs traded close to $ 60 per barrel within the morning. Crude oil costs traded firmly over tensions within the Center East after the Yemen-based Houthi motion mentioned it had fired missiles at Saudi oil websites. Crude oil costs are additionally supported by the expectation of a bullish weekly API stock report later in the present day. We count on crude oil costs to commerce sideways larger for the day.

Buying and selling technique:

MCX crude oil assist in April is at Rs. 4450 per barrel with resistance at Rs. 4570 per barrel.

Outlook: base metals

The bottom steel complicated traded in a combined style, with most metals weak as a result of inflation fears in China. Expectations of tighter commodity controls and rising inflation have capped the restoration in base metals. Copper costs traded underneath strain from rising stock ranges within the LME and Shanghai. Shares monitored by the London Metallic Alternate have greater than doubled because the finish of February. Shanghai Futures Alternate shares have risen for 9 straight weeks by early April within the longest time since 2014. Base metals are anticipated to commerce sideways decrease for the day regardless of a weaker greenback.

Buying and selling technique:

MCX Copper April assist stands at Rs. 682 and resistance at Rs. 692.

MCX Zinc April assist stands at Rs. 219, resistance at Rs. 225.

MCX Nickel April assist stands at Rs. 1190 with resistance at Rs. 1240.

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


By Ravindra Rao

MCX Gold The June futures have traded within the vary of Rs 46250-46900. Beforehand, the by-product contract had fashioned a bearish inside harami / candlestick sample, the decrease of which can play key assist for the day. A transfer beneath Rs 46,250 might carry a corrective motion within the worth in the direction of Rs 45,700. On the flip facet, a transfer above Rs 46,900 (high quality) would push the value larger in the direction of the subsequent key resistance of Rs 47500. The Energy Index (RSI) is now hovering close to 61, suggesting a firmness within the development. For the day, the value ought to transfer within the band of Rs 46250-46900 with a lateral bias and shutting on either side of the vary would carry extra readability within the development.

Technique:

Purchase MCX Gold June at Rs 46,400 with a goal of Rs 46,800 and a cease loss at Rs 46,200.

MCX Silver Might futures failed to carry their features and broke by key assist at Rs 66,370. This might carry a pause within the bullish rally and push the value in the direction of the subsequent assist round Rs 65,200. bullish channel additionally supported the section of silver worth correction. . Now, key resistance for the Might future exists round Rs 67,300, adopted by Rs 67,740. On the momentum entrance, RSI is hovering across the mid 50 (49) space suggesting a sideways development. For the day, the value ought to transfer within the band of Rs 65200-67740 with a lateral bias. Solely an in depth on both facet of the vary would carry extra readability to the value development.

Buying and selling vary

MCX Silver will be traded within the vary of Rs 65200-67740.

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


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