Home Investment / Trading Trading Strategy silver price today: Commodity strategies: How gold and silver may trade today

silver price today: Commodity strategies: How gold and silver may trade today

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silver price today: Commodity strategies: How gold and silver may trade today
By Ravindra Rao, Kotak Securities

MCX Gold April futures witnessed sharp decline because it failed to carry the important thing assist at Rs 45,850. In the meantime, worth continues to be hovering within the downward sloping channel with instant resistance close to Rs 46,280 (5 day EMA), adopted by Rs 47,150 (21 Day EMA). Alternatively, key assist holds round Rs 45,600 (latest backside), adopted by Rs 45,400. On the momentum entrance RSI is hovering within the oversold zone (28) that would restrict extra draw back in gold costs. Going by the above evaluation, worth is predicted to maneuver within the band of Rs 45,600-46,280 with a sideways bias. Solely shut above Rs 46,280, would push worth in the direction of the resistance zone of Rs 46,600-46,700.

Technique: Purchase MCX Gold April at Rs 45,850 with a goal of Rs 46,280 and a cease loss at Rs 45,600.

MCX Silver Might futures held the important thing assist of the rising development line close to Rs 68,500 and witnessed rebound. In the meantime, worth is buying and selling above the 50 day EMA assist of Rs 68,700, which might be the important thing stage for the day. Nonetheless, worth is buying and selling beneath the 5 and 21 day EMA (69,890, 69,900 respectively) suggesting delicate weak point. So, worth must maintain above Rs 70,000 to increase its rebound and resume the uptrend. In the meantime, RSI is hovering close to 40 suggesting sideways to weaker development. It wants to maneuver above 50 to strengthen the momentum in worth. Therefore for the day, worth is predicted to maneuver within the vary of Rs 68,500-69,900 with a sideways bias. A detailed above Rs 70,000 can be the primary indication of bull power.

Technique: Purchase MCX Silver March at Rs 68,800 with a goal of Rs 70,000 and a cease loss at Rs 68,000.

By Tapan Patel, HDFC Securities


Outlook: Bullion
Bullion costs traded agency with spot gold costs at COMEX buying and selling over half a p.c up at $1,749 per ounce, whereas spot silver costs at COMEX had been buying and selling up by 0.70 per cent at $26.87 per ounce in morning commerce. Bullion costs witnessed a pullback on Monday as bond yields eased from latest highs whereas greenback index traded weak. The $1.9 trillion stimulus hopes additionally boosted shopping for in valuable metals from assist ranges. 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 46,200 per 10 gram with assist at Rs 45,800 per 10 gram. MCX Silver March assist lies at Rs 67,500 per kg, resistance at Rs 71,000 per kg.

Outlook: Crude Oil
Crude oil traded larger with benchmark NYMEX WTI crude oil costs buying and selling 1.60 per cent up close to $62.52 per barrel on Monday. Crude oil costs resumed uptrend on Monday on demand development optimism over US stimulus hopes and US approving third COVID vaccine. Crude capped upside close to its resistance stage of $64-65 amid hypothesis over output enhance from OPEC plus nations within the upcoming assembly. Oil costs are anticipated to commerce sideways to up for the day.

Buying and selling Technique: MCX Crude Oil March assist lies at Rs 4,560 per barrel with resistance at Rs 4,670 per barrel.

Outlook: Base Metals
Base metals advanced traded combined with Copper and Zinc costs buying and selling agency within the morning commerce whereas remainder of the metals had been buying and selling with marginal losses after weak China PMI information. Copper costs traded off 10-year highs with regaining momentum on US stimulus hopes and provide deficit considerations. Base metals are anticipated to commerce sideways to up on weaker greenback and optimistic fairness indices.

Buying and selling Technique: MCX Copper March assist lies at Rs 702 and resistance at Rs 712. MCX Zinc March assist lies at Rs 218, resistance at Rs 223. MCX Nickel February assist lies at Rs 1,340 with resistance at Rs 1,380.

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