Commodity strategies for Gold, silver, crude, base metals?

Prices traded sharply on Wednesday in extended bullion prices as the base metals rose in hopes of recovery and a weaker dollar. Crude oil prices for sale are combined with bearish establishment data that limit the day-to-day monitoring. The dollar index ended in red as Joe Biden was sworn in as US President. Here’s a look at how various brands behave in today’s market.

Bullion prices traded at the local gold prices in COMEX that were trading above $ 1,870 an hour to two weeks high after collecting more than 1% in the previous program. Spot silver prices at COMEX were priced at $ 25.89 per hour to extend the meeting. Bullion prices have risen to a simplified monetary policy from major central banks as the dollar falls to a straightforward third day on prospects for recovery. Profit booking in Bitcoin has also increased the purchase of precious metals. We expect bullion prices to trade sideways until the day supported by the weaker dollar.

Trading Strategy:
The resistance of the MCX Gold February of the day lies in the Rs. 49,900 per 10 grams in support of Rs. 48,300 for 10 grams.
Support for MCX Silver March is Rs. 66,000 per KG, resistance to Rs. 69,000 KG each.

Crude oil prices are on sale at a benchmark NYMEX WTI crude oil prices are trading around $ 53.14 per barrel. Crude oil prices are being sold under pressure after the US API reported construction yields of 2.56 mb compared to the decline. Concerns about the return of fuel demand have also had a negative impact on oil prices with a low oil demand by 2021. Crude oil prices are expected to trade sideways to date.

Trading Strategy:
Support for MCX Crude Oil February is Rs. 3,840 per barrel with a resistance of Rs. 3,960 per barrel.
Idea: Basic Instruments
Basic metals were best traded on Thursday as Copper prices saw past purchases while Nickel prices traded more than 1%. Prices of copper obtained after Chilean miners feared lower costs to supply the epidemic limits to rising demand. The basic metals are backed by a weak dollar in anticipation of a lot of encouragement from the Biden administration. Basic metals are expected to trade at the current level with a bullish bias.

Trading Strategy:
Support for MCX Copper January in Rs. 610 and resistance to Rs. 619.
Support for MCX Zinc January in Rs. 217, resistance Rs. 223.
Support for MCX Nickel January in Rs. 1,310 resistant to Rs. 1,360.

The future of MCX Gold February saw a positive return towards the end of the range of Rs 48,600-49,700. The price trades close to the 21-day EMA (49,650), which would be the main resistance of the day. The price needs to stabilize over Rs 49,650-49,700 zone to move up to Rs 49,900, followed by Rs 50,200. With a decrease of 49,200 (5-day EMA) holding key support, followed by Rs 48,800. Previously the pressure RSI traded at about 50 (49) which raised the trend. The RSI requires more than 50 to strengthen the case of bulls. On a withdrawal date of Rs 49,250 it can attract purchases with a target of Rs 49,900.

Buy MCX Gold Feb for Rs 49,250 for Rs 49,900 and stop loss at Rs 48,800.
The future of the MCX Silver March has broken key resistance for the integration distance to Rs 66,700. The current price is trading above the 21 and 5-day EMA (66,580, 66,230), which would be the fastest day support, followed by Rs 64,700. In addition, the next hurdle is approximately Rs 68,400, followed by Rs 69,800. Ahead of the moment the RSI has gone above 50 (52) lifting alongside the high system. However it needs to feed more than 50 to regain momentum and raise higher prices. For the price of the day it is expected to go to the Rs 66,200-68,400 group for good bias. A closure of less than Rs 64,700 can only withstand strong bias.

Buy MCX Silver Mar for Rs 66,250 for the purpose of Rs 68,400 with a stop loss of Rs 65,200.


I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

Latest News