gold rate today: Commodity strategies: Gold, silver, crude, base metals

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By Tapan Patel

Commodity costs traded greater on Monday as many of the commodities in non-agro phase besides crude oil ended greater for the day. Bullion costs prolonged beneficial properties on stoop in greenback and actual yields. The greenback index traded under 90 mark on Tuesday supporting commodities to commerce agency. Here’s a have a look at how completely different commodities are behaving in at present’s market.

Outlook: Bullion

Bullion costs traded agency on Tuesday with spot gold costs at COMEX had been buying and selling close to $1,940 per ounce whereas spot silver costs at COMEX traded close to $27.26 per ounce extending Monday’s beneficial properties. Bullion costs surged on secure haven shopping for with decline in US equities on worries over financial progress with spike in virus circumstances. The decrease US yields and weaker greenback additionally supported bullion costs anticipating extra stimulus bulletins. We anticipate bullion costs to commerce greater for the day.

Buying and selling Technique:

MCX Gold February resistance for the day lies at Rs. 51,800 per 10 grams with help at Rs. 51,100 per 10 grams.

MCX Silver March help lies at Rs. 69,200 per KG, resistance at Rs. 71,500 per KG.

Outlook: Crude Oil

Crude oil costs pared early achieve of Monday fell under $48 per barrel with benchmark NYMEX WTI crude oil costs was buying and selling at $47.58 per barrel on Tuesday. Crude oil costs witnessed promoting after OPEC prolonged talks for the second day with none choice over output quota. The elevated lockdown measures in UK and surge in virus circumstances additionally added strain on oil costs. Crude oil costs are anticipated to commerce sideways to down for the day on weaker fairness indices.

Buying and selling Technique:

MCX Crude Oil January help lies at Rs. 3,420 per barrel with resistance at Rs. 3,560 per barrel.

Outlook: Base Metals

Base metals traded greater on Tuesday with many of the metals prolonged beneficial properties on demand restoration optimism with vaccine rollouts. The autumn in greenback index boosted shopping for in Copper and Nickel costs. The stronger demand from China has supported base metals to increase beneficial properties in 2021 after surging 20% in 2020. Base metals are anticipated to commerce sideways to up for the day on constructive international cues.

Buying and selling Technique:

MCX Copper January help lies at Rs. 602 and resistance at Rs. 610.

MCX Zinc January help lies at Rs. 217, resistance at Rs. 223.

MCX Nickel January help lies at Rs. 1,250 with resistance at Rs. 1,310.

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


By Ravindra Rao


MCX Gold February has breached the important thing resistance of Rs 51,200 with sturdy momentum (RSI at 77). In the meantime value is transferring contained in the upward rising channel with decrease certain help close to Rs 50,600 and better certain resistance close to Rs 52,000. Speedy help for Feb future exists round Rs 51,000, adopted by 50,600 (5 day EMA). Because the pattern is bullish, any dip in the direction of the help zones might be thought of nearly as good shopping for alternatives for the targets of Rs 2,000.

Technique:

Purchase MCX Gold Feb at Rs 51,100 with a goal of Rs 51,950 and a cease loss at Rs 50,740.

MCX Silver March future has moved out of the consolidation with the breakout of the symmetrical triangle and key resistance of Rs 69,800. In the meantime value is buying and selling contained in the upward sloping channel with decrease band help close to Rs 68,500-68,000. Value bought help from the bullish crossover of 5 and 21 day EMA (68,770 and 66,760) together with sturdy RSI. On the upside Rs 70,600 is the important thing resistance (100% Fibonacci extension). So value wants to maneuver past to increase its achieve additional in the direction of the subsequent stage at Rs 71,600.

Technique:

Purchase MCX Silver Mar at Rs 69,200 with a goal of Rs 71,600 and a cease loss at Rs 68,400.

(Ravindra Rao, VP-Head Commodity Analysis, Kotak Securities)

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