Gold, silver prices recovery, crude oil strength, what should be the strategy on metals

Today, there is a slight recovery in the prices of gold and silver. Due to pressure from the upper level in the dollar, gold and silver are getting support. However, gold prices remain near the 9-month low. On the other hand, after yesterday’s fall in crude oil, today the strength has returned again. Brent prices are around $ 69. Expectations of demand recovery and continued supply cut by OPEC have created a strong uptick in crude but metals are trading in a small range.

Crude strength

Purchases in crude oil have returned again. Brent prices have reached near the $ 69 level. WTI crude is near the 2-year upper level. Relief packages in the US have led to a spurt in crude. Demand recovery is also looking strong. Support is being supported by the production cut of OPEC +.

Recovery in gold

Gold is trading above Rs 44,300 per 10 gram on MCX. There is an improvement from the 9-month low. Gold has been supported by softening in bond yields in the US. It has also got support by sliding the dollar from the upper level. The growth in the US is limited to the expectation of recovery. The dollar index has reached a 14-week high.

Strength in silver

Silver is trading above the 66,000 level on MCX. Silver is getting support due to weakness in the dollar.

Metal in a narrow range

Due to strong dollar, there is pressure on the metal at the upper level. It is also supported by the expectation of a relief package in the US. China’s copper imports increased by 4.7 percent in 2021. Copper treatment charge in China is the lowest in 10 years.

Investment advice by Anuj Gupta of Angel Commodities

BUY MCX GOLD APRIL AT 44200, SL – 43900, TARGET – 44700

BUY MCX SILVER MAY AT 65800, SL – 65000, TARGET – 66900

BUY MCX COPPER MARCH AT 692, SL – 686, TARGET – 699

BUY MCX CRUDE OIL MARCH AT 4780,SL – 4720, TARGET – 4890

BUY MCX ZINC MARCH AT 218, SL – 216, TARGET – 221

BUY NCDEX JEERA APRIL AT 13900, SL – 13600, TARGET – 14400

BUY NCDEX SOYABEAN APRIL AT 5140, SL – 5080, TARGET – 5240

SELL NCDEX CHANA APRIL AT 4980, SL – 5060, TARGET – 4840

Investment advice by Jay Prakash Gupta of Moneylicious Capital

Buy copper 693 SL 685 Tgt 712

Buy Gold 44300 SL 44000 tgt 45600

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