Today, gold is showing strength before the results of the Federal Reserve meeting. Gold on MCX is near 45 thousand. The weak US data supports prices. There is lethargy in silver. There is a recovery from the lower level in crude oil. Brent’s price is $ 68 Ofer. There is a mixed attitude in metals.
The dollar is strongly under pressure on crude oil. Rising stocks, demand in Europe remain a concern. European countries have banned the Corona vaccine. In the past 2 weeks, inventory in the US has increased by 35%. Exports from Iran to China are seeing pressure.
Strength in gold
Gold on MCX is trading near the Rs 45,000 per 10 gram level. The weak US data has supported the prices. Gold is limited due to strong dollar. The market is eyeing the outcome of the Federal Reserve meeting. The Fed’s decision will arrive tonight at 11:30. The market is awaiting commentary from the Fed chairman. FED will release estimates on growth, inflation, interest rates.
Slowness in silver
Silver is trading below the 67,000 level on MCX. There is some pressure on silver due to strong dollar. Metals have a mixed attitude. Weakness in metals is being seen due to strong dollar. The FOMC meeting will be watched by the market.
Mixed attitude in metals
Weakness in metals is being seen due to strong dollar. The FOMC meeting will be watched by the market.
Investment advice by Sunil Katke of Axis Securities
Buy Gold at 44920 SL 44750 Target 45200
Buy Silver may at 66800 SL 66400 Target 67600
Buy Crudeoil at 4700 SL 4670 Target 4750
Buy Copper at 669 SL 666 Target 675
Sell Chana 5140 SL 5170 Target 5090
Investment advice by Jay Prakash Gupta of Moneylicious Capital
Buy Gold 44800 SL 44450 tgt 45500
Buy Crudeoil 4720 SL 4660 Tgt 4820
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