Crude oil, silver, gold and base metals and their approaches
Tuesday’s product prices were uneven, with gold prices closing the day in the green after robust buying. With the reduction in base metals, there was a fall in prices. The dismal US service PMI data dragged down base metals prices. Crude oil prices retreated from early gains as traders turned their attention away from the OPEC dispute.
For each day, the dollar index went higher by 0.36%. Throughout the former trade on Wednesday, spot gold prices at COMEX were trading near $1,800 per ounce, while spot silver prices at COMEX were steady at $26.15 per ounce. As a result, gold prices were stable, reversing some gains made during the dollar’s comeback.
Services in the United States are lacking. PMI data bolstered gold prices to trade solid, but silver prices fell in line with base material selling due to demand issues. The decrease in market indexes has pushed haven purchasing into bonds, exerting pressure on precious metals.
For the day, an expectation of bullion prices is there to trade in a range sideways to up. For each day, the MCX Gold August barrier is around Rs 48,000 per 10 g, while the support is at Rs 47,400 per 10 g. Help for MCX Silver September is at Rs 67,800 per KG, while opposition is at Rs 72,500 per KG.
Crude oil costs fell slightly on Wednesday, with the average NYMEX WTI crude oil price hovering at $73 per barrel in former trade. Crude oil prices fell in earlier hours as market participants absorbed the situation.
Saudi Arabia and the United Arab Emirates are at odds over output quotas. On Monday, the OPEC discussions collapsed as the United Arab Emirates (UAE) sought to raise supply in opposition to Saudi Arabia’s offer to maintain production low. For the day, we predict crude oil prices to trade in a range of sideways to up.
MCX Nickel, July support lies at Rs 1,340 with resistance at Rs 1,390 Buy MCX Gold August futures at Rs 47,550 with a target of Rs 48,000 and a stop loss of Rs 47,300 MCX Silver price erased its earlier gains and closed the day with losses as price faced stiff resistance near Rs 71,100.
Base metals got support from a weaker dollar on Wednesday despite weak Asian equity indices. Base metals prices traded up on Wednesday as most metals kept a firm trading range on digesting weak US data.
The metals prices are trading steady, limiting the downside on easing worries of China monetary tightening. Crude Oil July support lies at Rs 5,420 per barrel with resistance at Rs 5,570 per barrel. MCX Zinc July support lies at Rs 234, resistance at Rs 242.
MCX Copper July support lies at Rs 717, and we see resistance at Rs 730. Earlier, base metals declined following disappointing US service PMI data and dollar rally. The immediate support for price holds around Rs 69,200 (8-day EMA), followed by a 61.8% Fibonacci level at Rs 67,800.
Base metals may trade sideways to up for the day. Meanwhile, the price is hovering near the midline of the Bollinger band at Rs 69,450, which has limited the downside in price