BULLION: GOLD SUPPORT Rs 59,860-59,680, resistance Rs60,420, 60,590
Ahmedabad, 18 may: Gold and silver ended flat on Wednesday. Gold prices came under pressure for a second day below the psychological $2,000 mark in view of a firm US dollar and treasury yields. The US Dollar has been in favor due to favorable US data and while the debt-ceiling negotiations continue in Washington. However, there was some improvement in optimism over the possibility of an agreement on the US debt ceiling as US President Joe Biden expressed confidence an agreement will be reached. We expect gold and silver to remain volatile in today’s session. Gold has support at $1980-1965 while resistance is at $2005-2015. Silver has support at $23.55-23.42, while resistance is at $24.05-24.22. In INR terms gold has support at Rs 59,860-59,680, while resistance is at Rs60,420, 60,590. Silver has support at Rs72,020-71,550, while resistance is at Rs73,150–73,620.
CRUDE OIL: support Rs 5,920-5,840, resistance Rs. 6,135–6,220
Crude oil prices jumped almost 3% on Wednesday over hopes that the US would resolve its debt-ceiling impasse, which triggered broad gains in financial markets, offsetting a largely bearish US stockpile report. Crude oil prices jumped after US President Joe Biden expressed confidence that they will avoid a catastrophic default. On the other hand, upside was capped due to a jump in US crude inventories, which expanded by 5 million barrels last week, the biggest gain since mid-February. Oil is still lower for the year as monetary tightening in the US and China’s lackluster economic growth weigh on the demand outlook, while supply has remained robust. We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $71.85–71.10 and resistance at $73.40–74.10 in today’s session. In INR Crude oil has support at Rs 5,920-5,840, while resistance is at Rs6,135–6,220.
USD-INR: support at 82.22-82.05 resistance at 82.62-82.80
The USDINR 29 May futures contract traded in a tight range. As per the daily technical chart, we observed that the pair is trading above its trend-line support level of 82.22 and RSI is fetching above 50 levels. The pair is having support at 82.22-82.05 while resistance is placed at 82.62-82.80. If the pair continues to sustain above 82.4500 it could extend its gain towards 82.62-82.80.
(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing.)
(સ્પષ્ટતા: અત્રેથી આપવામાં આવતી તમામ પ્રકારની માહિતી કોઇપણ પ્રકારે રોકાણ, ટ્રેડીંગ માટેની સલાહ નથી. બજારોમાં રોકાણ જોખમોને આધીન છે અને રોકાણ કરતા પહેલા કૃપા કરીને તમારા સલાહકારની સલાહ લો.)
