February witnessed rebound from the assist zones of Rs 48,600-48,700 after final week’s sharp decline. In the meantime worth is buying and selling beneath the 50 per cent Fibonacci retracement degree (49,700) of the current up transfer, which could possibly be the important thing resistance zone for the day. On the draw back beneath Rs 48,900, key assist holds close to Rs 48,600 adopted by 200 day EMA assist at Rs 48,450. On the momentum entrance RSI is buying and selling beneath 50 (41) suggesting weak point. We anticipate worth to maneuver within the band of Rs 48,900-49,700 with sideways bias. Solely shut beneath Rs 48,900 would take worth additional in direction of Rs 48,600.

Technique:

Promote MCX Gold Feb at Rs 49,650 with a goal of Rs 48,900 and a cease loss at Rs 49,900.

MCX Silver March additionally witnessed rebound after final week’s sharp decline. In the meantime key resistance for silver futures exists round Rs 66,400, adopted by 67,050 (5 day EMA) which might act pretty much as good provide zones. Earlier worth has breached the bullish channel and retraced beneath 50 per cent Fibonacci degree (64,760) of the up transfer. In the meantime worth is buying and selling beneath the 21 day EMA (67,120) together with weaker RSI suggesting weak point in development. On the draw back key assist holds close to Rs 63,140 (61.8 per cent Fibonacci degree). So for the day worth is anticipated to maneuver within the band of Rs 64,500-67,100 with sideways to draw back bias.

Technique:

Promote MCX Silver Mar at Rs 66,400 with a goal of Rs 64,500 and a cease lack of Rs 67,300.

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

By Tapan Patel

Outlook: Bullion

Bullion costs traded agency with spot gold costs on COMEX was buying and selling close to $1,856 per ounce whereas spot silver costs on COMEX was buying and selling almost 1 per cent up at $25.37 per ounce within the morning commerce. Bullion costs gained energy as traders turned cautious over rising virus circumstances throughout world together with China. The revisited pandemic fears raised considerations over financial restoration which boosted shopping for in bullion costs from decrease ranges. We anticipate bullion costs to commerce sideways to up for the day.

Buying and selling Technique:

MCX Gold February resistance for the day lies at Rs. 49,900 per 10 grams with assist at Rs. 49,200 per 10 grams.

MCX Silver March assist lies at Rs. 64,600 per KG, resistance at Rs. 67,500 per KG.

Outlook: Crude Oil

Crude oil costs traded with regular vary on Tuesday with benchmark NYMEX WTI crude oil costs hovered above $52 per barrel within the morning commerce. Crude oil costs saved to vary certain buying and selling on combined international cues on worries over gasoline demand restoration due surge in coronavirus circumstances and decrease provide considerations. The rising depend of circumstances in China has created promoting stress on Crude oil costs. Crude oil costs are anticipated to commerce sideways to up for the day.

Buying and selling Technique:

MCX Crude Oil January assist lies at Rs. 3,790 per barrel with resistance at Rs. 3,910 per barrel.

Outlook: Base Metals

Base metals traded larger on Tuesday with many of the metals besides Aluminium witnessed robust restoration within the morning commerce. Copper and Nickel had been buying and selling with round 1 per cent beneficial properties on US stimulus expectations from Biden administration. The robust progress quantity from China side-lined pandemic worries which boosted shopping for in base metals. Base metals are anticipated to commerce sideways to up for the day.

Buying and selling Technique:

MCX Copper January assist lies at Rs. 607 and resistance at Rs. 616.

MCX Zinc January assist lies at Rs. 215, resistance at Rs. 221.

MCX Nickel January assist lies at Rs. 1,240 with resistance at Rs. 1,310.

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