Crude oil prices remain bullish. Brent has risen further after crossing $75. Crude remains bullish on better demand outlook. Spot premiums in Asia and Europe have reached a multi-month high. Experts have now started giving targets up to $100 for crude, but do the fundamentals justify these targets.
Today gold is trading in a small range but silver is showing recovery. Silver is getting support due to gains in metals. Apart from this, Precious Metals is also supported by Fed Chairman’s Testimony.
passion in crude
Brent is seen at the highest level since April 2019. Crude is bullish on better demand outlook. US crude inventories are seeing a decline for 5 consecutive weeks. Brent, WTI price differential is lowest in 7 months. Iranian supplies are not expected to hit the market soon. Spot premiums in Asia, Europe are at several-month highs. Total’s CEO has said that Brent will go up to $100.
recovery in metals
Metals are getting support due to improvement in demand at lower levels. China will auction the metal from the reserve on July 5-6. China will auction 20,000 tonnes of copper in the first batch. China will auction 50,000 tonnes of aluminum. China will also auction 30,000 tonnes of zinc.
Gold prices on MCX are trading above Rs 47,000. Gold has got support from Fed Chairman’s Testimony. The Fed chairman has promised not to raise rates too soon. The strength of the dollar has kept the upper level under pressure.
strength in silver
Silver is trading close to Rs 68,000 on MCX. There has been support from the Fed Chairman’s Testimony. Silver has been supported by gains in metals.
Investment advice by Sunil Katke of Axis Securities
sell Gold Aug at 47100 SL 47300 Target 46700
Sell Silver july at 68000 SL 68300 Target 67000
Sell Crudeoil at 5440 SL 5470 Target 5380
Buy Copper 718 SL 715 Target 723
Sell Ref Soya Oil July at 1275 SL 1280 Target 1260
Investment Advice by Jay Prakash Gupta of Moneylicious Capital
Buy Silver 67500 SL 67000 Tgt 68900
Buy Copper 714 SL 709 Tgt 728
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