Gold, Silver, Crude and Base metals and strategies
Commodity prices continued the trend of Friday as many commodities in the non-agro segment had a low trading range. Gold and silver prices continued range-bound trading while base metals traded with zinc and Nickel. On the other hand, crude oil prices did not trade high because of the OPEC meeting. The dollar index closed at 91.81 remaining constants like the previous day. 
- Gold and Silver: their prices traded unchanged on Friday. At COMEX gold prices were trading at $ 1776 per ounce and the silver price was trading at $26 ounce. Due to lack of economic data the prices are in range and investors can expect a fresh trigger in the prices of silver and gold. It is expected that the prices may go sideways and then up for the day.
- Trading strategy: MCX Gold’s resistance price for the day is Rs. 47200 per 10 grams with a support price of Rs. 46600 per 10 grams. Whereas MCX Silver’s resistance price for the day is Rs. 66500 per kg and the support price is at Rs. 69800 per kg.
- Crude Oil: the prices of crude oil remained unchanged on Friday as NYMEX WTI crude oil price traded at $ 73.33 per barrel. Crude oil prices are following mixed global cues and bound to trade within the range. It can be seen that there is higher demand ahead of the US driving season and the OPEC meeting to be held next week are keeping the prices on edge for the short term. It is expected that the prices of crude oil will trade sideways and then up for the day.
- Trading Strategy: MCX Crude Oil’s resistance price for the day is Rs. 5380 per barrel with a support price of Rs. 5510 per barrel.
- Base Metals: The prices of base metals traded mixed on the last working day as most metals prices increased for the day. This was due to a deal worth $ 579 billion between US infrastructure. Copper prices increased from the two month low prices. It is expected that the prices of base metals will go sideways and then up for the day.
- Trading Strategy: MCX Copper’s resistance price for the day is Rs. 725 with a support price of Rs. 715. MCX Zinc’s resistance price for the day is Rs. 243 with a support price of Rs. 236. MCX Nickel’s resistance price for the day is Rs. 1410 with a support price of Rs. 1340.
