Consolidation is being seen at the upper level in gold and silver. The US Federal Reserve indicated continued moderation in the policy, which has improved the risk on sentiment and is seeing resistance at the upper level on gold. In such a situation, now our focus will be on what should be the strategy in gold and silver. Also, due to Corona, many markets have been seen to be closed again, how much this will affect the demand for jewelery.
There is pressure on crude oil prices today. Concerns over demand have increased due to increasing gasoline inventories in the US, which has put pressure on prices. Metals are seeing most of the gains today, with the hope of recovery in the global economy, the metals have got support.
Gold in a small circle
Gold on MCX hovers above Rs 46,400 per 10 grams. Due to strong dollar, there is pressure on gold prices. The 10-year bond yields in the US are seeing pressure. The US Fed has indicated continued moderation in the policy.
Slowness in silver
The silver price on MCX is trading close to Rs 66,500 per 1 kg. The dollar is strongly under pressure on silver.
Crude decline
The US is witnessing a decline due to increasing gasoline inventories. Gasoline inventory in the US has increased by 4 million barrels. Crude inventories in the US have decreased by 3.5 million barrels. Concerns about demand are putting pressure on crude oil. Due to the possibility of increasing supply, weakness is being seen in crude.
Strength in metals
The global economy is seeing a recovery faster than expected. South American mines have encountered problems with supplies. Metals have received support from the infra package of the US. Increasing inventory is putting pressure on copper at the upper level.
The second wave of corona in the peak season of rabi crops harvesting and government procurement has raised concerns here. Due to Corona’s record cases, many parts of the message have started from night curfew to lockdown. What is the impact of all these developments on the harvesting and purchasing of rabi crops?
Cotton prices are seeing a boom in the domestic market. Cotton is up about 1 percent on MCX, while cotton is also strong on NCDEX. Cotton prices have been supported by concerns over weather in Texas, USA. However, demand in the domestic market is said to be sluggish.
Investment advice by Ajay Kedia of Kedia Commodity
SELL GOLD 46350 SL 46600 TGT 45900
SELL CRUDE 4440 SL 4500 TGT 4350
BUY COPPER 688 SL 685 TGT 698
BUY CHANA 5250 SL 5200 TGT 5350
BUY GUARSEED 3850 SL 3800 TGT 3950
BUY COCUDAKL 2550 SL 2500 TGT 2650
BUY GOLD @ 46100 TGT 46500 SL 45900
Investment advice by Ravindra Rao of Kotak Securities
SELL CRUDEOIL @4460 TGT 4360 SL 4520
BUY COPPER @688 TGT 697 SL 684
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