Commodity Market: Gold in a small range – weakness in silver, what should be the investment strategy in crude oil

After yesterday’s strong rise in gold and silver, there is some profit-booking at the upper level today, but the prices are near the upper level of about 2 months. What will be the traction seen in gold and silver tomorrow and will catch the traction, we will talk about it today. In particular, the focus will be on what is the outlook for silver.

At the same time, after yesterday’s 1% rise, crude oil is being traded in a small range today. India and Brazil are worried about rising cases of corona, but the situation is improving in most of the rest of the world. Base metals today have a mixed attitude. Copper is under pressure due to increasing inventory in Shanghai, but aluminum, nickel is leading.

Gold in a small circle

A little lethargy has been seen after yesterday’s boom. Gold is trading above 47,000 on MCX. Comex prices reached an all-time high of 9 weeks yesterday. Gold has slipped from the upper level due to the recovery in the dollar. The pressure of gold has been seen by the statement of the Chairman of the Federal Reserve. Jerome Powell says the US economy is doing better. Increased cases of corona have seen safe haven demand. Waiting for US employment data.

Weakness in silver

Profit booking dominates after yesterday’s strong rally. Silver has reached over Rs 70,500 on MCX. The price of silver has reached the upper level of 2 months. Industrial demand has been supported by the projected growth. This year, total demand is expected to grow by 15 per cent.

Lethargy in crude

Crude is trading in a small range. Brent has gone above $ 67. Crude oil pressure is being seen due to increasing cases of corona. There is support from rapid vaccination in the US. Support is being provided by good economic data of China. Better demand outlook is supporting prices.

Mixed attitude in metals

Copper is showing weakness and nickel has also seen an increase. Copper has weakened due to increasing inventory in Shanghai. Copper premium in Yangshan has come down to $ 43. China is expected to reduce relief spending. Support is being provided by good economic data from China and the US. Metals have received support from estimates of better demand.

Investment advice by Anuj Gupta of IIFL Securities

BUY MCX GOLD JUNE AT  47200, SL –  46900, TARGET – 47700

BUY MCX  COPPER MAY AT 760, SL – 756, TARGET – 767

BUY MCX ZINC MAY AT 233.50, SL – 232, TARGET- 236

BUY MCX CRUDE OIL MAY AT 4740, SL – 4690, TARGET – 4840

BUY NCDEX JEERA MAY AT 13900, SL – 13700, TARGET – 14400

BUY NCDEX RMSEED MAY AT 6920, SL – 6830, TARGET – 7080

BUY NCDEX CASTOR MAY AT 5150, SL- 5070, TARGET – 5250

Investment advice by MOFSL’s Kishore Narne

MCX GOLD JUN BUY AT 47120 SL 46950 TGT 47500

MCX SILVER JUL BUY AT 70300 SL 69900 TGT 71150

MCX CRUDEOIL MAY BUY AT 4750 SL 4710 TGT 4830

MCX COPPER MAY BUY AT 758 SL 755 TGT 765

MCX ZINC MAY BUY AT 233 SL 231.50 TGT 235.50

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