Today, gold and silver are traded in a small range. Weakness in the dollar is supported by prices, but due to the strengthening of the rupee, there is pressure at the upper level. But now the question arises that whether gold and silver will once again see a rapid rise or will there be a fall in prices from the upper level. Consolidation is being seen in crude oil. Brent prices are close to $ 65. In India and Japan, there is concern over rising cases of corona, but demand is expected to improve in other countries. Metals are shining brightly due to good US statistics.
Gold in a small circle
Gold has been supported by the weakness in the dollar. Due to the strength in the rupee, pressure is being seen. The dollar is nearing a 2-month low. MCX is seeing a gain of 6.6% in the month of April. The slowdown in demand has reduced the premium in the domestic market. This week, the US, Japan’s monetary policy will be watching the GDP figures of the US, Euro zone.
Slowness in silver
Silver has reached the 68,600 level on MCX. The weakness in the dollar is providing support at a lower level.
Lethargy in crude
Consolidation is being seen after a fast of about 4 months. Crude is getting support from the demand of Asia market. Support is being provided by the good data of America and Europe. In India, Japan is under increasing pressure from Corona.
Shine in metals
Weakness in the dollar is seen in buying in metals. Asian stock markets are gaining support fast. LME copper is the highest level since 2011. Good PMI of the US, housing statistics are seeing a boom. The prices have increased due to lower inventory of metals.
After a long bull run, there is a sharp decline in soybean. Soybean futures have undergone a lower circuit for the second consecutive day after running 36% in 1 month. Speculative Position Cutting leads to a decline in soybean. In 2 days, the price slipped by about 700 rupees. Further improvement in soybean will further deepen or support prices at recent levels.
Investment advice by T Gnanasekar of Comm Trendz Research
MCX Gold: Buy dips to 47,400 s/l 47,200 tgt 48,000
MCX Silver May: Buy dips to 68300 s/l 67,850 tgt 69,750
MCX crude May: Sell rallies to 4650 s/l 4702 tgt 4520
MCX Copper May: Buy dips to 743 s/l 740 tgt 755.
Investment advice by Kunal Shah of Nirmal Bang Commodities
Sell soyabean 6850 tgt 6600 sl 6990
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