After yesterday’s heavy fall in gold and silver, a slight improvement is seen today. Gold remains below $1800 on Comex. Gold and silver have got some support as the dollar slides from the upper level, but the sentiment remains weak. In such a situation, now we will focus on what is the outlook regarding gold and silver. We will also focus on the impact of the recent drop in prices on demand.
There is pressure on crude oil prices. The price of Brent has reached close to $72. However, after yesterday’s heavy fall in metals, there has been a slight correction today.
There has been a recovery in gold after yesterday’s heavy fall. The weakness in the dollar from the upper level is giving rise to gold. Gold had seen a fall of more than 4 per cent yesterday. Gold had fallen on the comments of the Federal Reserve.
recovery in metals
The metals are getting support as the dollar slides from higher levels. Dollar slips from 2-month high. Metals have limited gains due to China’s toughness. China will tighten commodity price monitoring.
improvement in silver
There is a recovery in silver after yesterday’s decline of 6 per cent. Weakness in dollar has seen a correction from lower levels. Silver is also getting support from recovery in metals.
Brake on the rise of crude oil
WTI crude has slipped from a 3-year high. Strong dollar, Fed’s comment has stopped the bullishness. China will tighten commodity price monitoring. Demand is expected to increase due to the reopening. Support is being provided by the fall in global inventories.
Investment Advice from Dharmesh Bhatia of Emirates NBD
Buy June Crude oil 5200, SL 5170 TGT 5276
Buy June Nat gas 234 SL 230 TGT 244
Buy Silver July 68000, SL 67650 TGT 68800
Buy Gold Aug 47100, SL 47000 TGT 47400
sell June Lead 172,SL 175 TGT 167
Sell June Aluminum 193,SL 196 TGT 188
Sell June Nickel 1298,SL 1309 TGT 1270
Sell June Zinc 236 , SL 239 TGT 230
Sell June Copper 706 Sl 710 TGT 697
Investment Advice by Vandana Bharti of SMC Comtrade
Buy Mentha June @990, tgt 1050, sl 960
Sell Cotton June@23675, tgt 23400, sl 23750
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