There is a slight weakness in crude oil today. Crude is weak due to rising inventory in the US and concerns over demand from Europe. However, there is little support for prices from the US Fed’s decision. At the same time, there is a mixed trend in the base metals. Here, after the meeting of the US Federal Reserve, gold and silver are showing strong strength. Gold has gone above 45000 on MCX. The FOMC meeting indicated that interest rates in the US would not rise until 2023, which has led to the strengthening of gold.
Gold has crossed Rs 45,000 per 10 gram on MCX. Gold has come out at $ 1750 on Comex. Gold is trading at a 3-week high on Comex. Gold has gained momentum following the US Fed decision. There is no sign of increasing rates in the US until 2023. Gold prices have been supported by the weakness in the dollar. The dollar is trading at a 2-week low.
Shine in silver
Silver on MCX has crossed Rs 68,000 per 1 kg. Silver is at a 2-week high. Silver has gained momentum following the US Fed decision. There is no sign of increasing rates in the US until 2023. Here, weakness in the dollar is also seen buying in silver.
Crude pressure has been seen in the US due to increasing inventories. In the US, inventory has risen for the fourth consecutive week and has risen by 2.39 million barrels. The US Fed’s decision has supported prices. IEA says demand will not come to pre-corona levels until 2023.
Mixed business in metals
Metals are getting support due to weakness in the dollar. Metals have received support from the US Fed’s decision. However, concerns over Europe’s demand remain under pressure.
Investment advice by Ravindra Rao of Kotak Securities
BUY GOLD @ 45000 TGT 45500 SL 44800
SELL CRUDE OIL @ 4720 TGT 4630 SL 4750
SELL COPPER @ 678 TGT 668 SL 684
Investment advice by Ajay Kedia of Kedia Commodity
BUY GOLD APR @ 45100 SL 44900 TGT 45550
SELL CRUDE OIL MAR @ 4680 SL 4750 TGT 4550
BUY COPPER MAR @ 672 SL 666 TGT 680
SELL SOYABEAN APR @ 5380 SL 5450 TGT 5200
BUY DHANIYA APR @ 7200 SL 7100 TGT 7400
BUY GUAR SEED APR @ 3850 SL 3800 TGT 3920
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