Gold, silver and other commodity strategies
In today’s morning trade, spot gold prices at COMEX were trading near $1,778 per ounce, while spot silver prices at COMEX were trading a little higher at $26.04 per ounce.
On Thursday, commodity prices were uneven, with most non-agro commodities, with the exception of basic metals, remaining firm. On conflicting US statistics, gold prices remained stable, while crude oil prices rose.
Bullion costs listed firm on Friday with spot gold costs at COMEX commerce close to $1,778 per ounce whereas spot silver costs at COMEX commerce marginally up at $26.04 per ounce in morning trade. Bullion costs area unit expected to trade sideways to up for the day.
MCX Gold Aug resistance for the day lies at Rs 47,600 per ten gram with support at Rs 46,800 per ten gram. MCX Silver Sept support lies at Rs 67,800 per kg, resistance at Rs 71,200 per kg.
Crude oil costs listed steady on Thursday with benchmark NYMEX WTI rock oil commerce higher than $75 per barrel in morning trade. rock oil costs gained on delayed international organisation and call on output quota. The disagreement amongst members on increasing oil output has boosted shopping for rock oil following stronger demand. The international organisation and cluster can resume talks on weekdays to succeed in any agreement.
MCX rock oil July support lies at Rs 5,540 per barrel with resistance at Rs 5,680 per barrel. Base metals costs listed mixed on Friday with most of the metals in firm commerce vary previous North American nation employment knowledge. Base metals witnessed some mercantilism post-North American nation producing knowledge that came lesser than expected.
Aluminium costs continued top side on lower offer fears from China and taxation from Russia. Base metals might limit gains for the day on weak Chinese markets on speculation over policy adjustment. Base metals might trade sideways to down on mixed international cues for the day.
MCX Copper July support lies at Rs 712 and resistance at Rs 725. MCX Zinc July support lies at Rs 234, resistance at Rs 242. MCX Nickel July support lies at Rs one,320 with resistance at Rs 1,390.