Gold and silver prices recovery, what to make strategy in crude oil

Today, there is a recovery in the prices of gold and silver. Gold on MCX is close to 46000. Due to the pressure from the upper level in the dollar, gold has got support, but the big question is whether gold can hold these levels or will see further decline. There is a mixed trend in crude oil today. Brent is bullish but MCX is showing weakness. Metals also have mix trends, copper has an edge but nickel is weak.

Recovery in gold

Gold is recovering from an 8-month low. Gold is again trading above 46,000 on MCX. Gold has come down to $ 1,750 on Comex. Gold has been supported by the weakness in the dollar. The dollar has slipped from the 1-week high. Passing relief packages in the US was pressurized.

Strength in silver

Silver on MCX is trading above 69,500. Weakness in the dollar is showing an increase in silver. The dollar has slipped from the 1-week high.

Mixed attitude in crude

Brent has then crossed $ 65. There is support from recovery in fuel demand. Production in the US is slowing. The market is eyeing the OPEC meeting to be held on 3-4 March. OPEC can increase production by 5 million barrels.

Passion in metals

Metals have gained momentum from the relief package in the US. Tight supply, strong demand is supported. Aluminum has reached an upper level of about 2.5 years.

Talking of Agri commodities, spices are also buying again today after last week’s strong boom. Cotton is also showing an edge. Apart from this, good action is seen in soybean and CPO.

Jateen Trivedi’s Investment Advice to LKP Securities

SELL GOLD APR AT 46000 SL 46250 TARGET 45500

BUY SILVER MAY AT 69400 SL 68700 TARGET 70250

Investment advice by Kunal Shah of Nirmal Bang Commodities

Buy soyabean 5135 tgt 5290 sl 5020

Buy Dhania 7150 tgt 7550 sl 6800

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