Gold prices remain firm. Rapid spread of the delta variant has created safe haven demand for gold, which is supporting the prices. But the gains are limited due to the strengthening of the dollar. Now how will the trend of gold going going forward, how is the physical demand, how are the import figures coming?
gold in short range
Gold on MCX remains above 47,300. Gold is getting support from safe haven demand. It is also getting support due to the rapid spread of the delta variant. However, the dollar is strongly under pressure from the upper levels. The market is eyeing the US Fed’s Minutes.
strength in silver
Silver prices on MCX have reached close to 63,400. Buying at lower levels is supporting silver.
Mustard at a new record high, prices crossed 8000 for the first time on NCDEX, now money will be made in which commodity
improvement in metals
Here, after yesterday’s fall, there has been a recovery in the prices of metals. Concerns over supply disruptions have strengthened copper. Concerns about China’s demand continue to create pressure.
slowdown in crude
The increasing cases of the delta variant are causing pressure in crude. Refining in China has been the lowest since May 2020. Japan has increased restrictions regarding Corona. At the same time, there is a lockdown in New Zealand again. Shell production in the US has risen to 8.1 mbpd.
pressure on natural gas
Natural gas has hit a 4-week low. With the improvement in the weather, there is a possibility of reduction in demand.
Investment Advice by Jay Prakash Gupta of Dhan.co
Buy Gold 47200 SL 46900 Tgt 47900
Buy Crude oil 4940 SL 4900 Tgt 5070
Investment advice by Sunil Katke of Axis Securities
Sell Gold Oct at 47350 SL 47510 Target 47000
Sell Silver sept at 63500 SL 63900 Target 62800
Buy Crudeoil at 4950 SL 4900 Target 5030 Sell Copper 716 SL 720 Target 705 Buy Cotton Aug at 26750 SL 26600 Target 27200
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