Today, gold and silver are traded in a small range, but on MCX, gold has crossed 48000 and silver has crossed 70000. Gold and silver are getting continuous support due to weakness in the dollar.
Gold in a small circle
Gold on MCX is the highest level since January. Gold is getting support due to weakness in dollar. The dollar is at an 8-week low. Gold is getting support from Chinese demand. The meeting of the ECB and the US Fed is closely watched. In India and Japan, increasing cases of corona are supported.
Silver in a small circle
Silver has crossed 70,000 on MCX. Silver is at a 2-month high on MCX. Silver has shone due to weakness in the dollar. The dollar is at an 8-week low.
Crude oil prices are seen falling today. Crude is under pressure due to increasing inventory in the US. We are seeing weakness in metals also today. Brent prices are near the $ 65 level. Crude decline is seen due to increasing inventory in the US. Corona is under pressure in India. India is the third largest importer in the world. The market is eyeing the OPEC + meeting to be held on 28 April.
Weakness in metals
Metals are under pressure due to increasing Corona cases in India and Japan. Japan is considering an emergency in Tokyo.
Talking of agri commodities, soybean continues to boom. May futures are seen above Rs 7700 on NCDEX. Soybean continues to boom due to tight supply. Soybean is getting support from better demand. CBOT soybean is at an upper level of about 7 years. Industry organizations have demanded a ban on futures. Farmers’ organizations are against the ban on futures.
Mustard is seen crossing Rs 7300 on NCDEX. Mustard is fast due to decrease inward. Mustard oil demand is better.
Investment advice by Ravindra Rao of Kotak Securities
BUY GOLD @ 47800 TGT 48400 SL 47500
SELL CRUDE OIL @4640 TGT 4540 SL 4670
SELL COPPER MAY @ 732 TGT 725 SL 735
Investment advice by Ajay Kedia of Kedia Commodity
BUY GOLD JUNE @ 47900 SL 47500 TGT 48500
BUY COPPER APR @ 718 SL 7¤WA3 5100 0 TGT 735
SELL CRUDE OIL MAY @ 4640 SL 4720 TGT 4520
BUY CASTOR MAY @ 5260 SL 5180 TGT 5350
BUY COCUDAKL MAY @ 2850 SL 2790 TGT 2960
BUY GUAR GUM MAY @ 6450 SL 6360 TGT 6600
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