Commodities outlook: Gold support at Rs 59,740-59,580, resistance Rs. 60,180, 60,390
BULLIONS: Silver has support at Rs70,420-69,720, resistance is at Rs71,650–71,920
“Gold and silver extended its fall amid extreme dollar strength and high yields in short-term Treasury Bills as continued uncertainty and angst surrounding negotiations to raise or suspend the debt ceiling are still at a stalemate. Gold prices slipped to two week lows and silver prices also slipped to nine week lows in the international markets. Gold and silver also plunged after FOMC meeting minutes and there is no sign of pause from the U.S. Fed in its upcoming policy meeting in June month. The US dollar has climbed higher for the last three consecutive weeks, that is a net gain of almost 3% in May. We expect gold and silver to remain volatile in today’s session. Gold has support at $1946-1934 while resistance at $1968-1979. Silver has support at $22.80-22.64, while resistance is at $23.22-23.40. In INR terms gold has support at Rs 59,740-59,580, while resistance is at Rs60,180, 60,390. Silver has support at Rs70,420-69,720, while resistance is at Rs71,650–71,920.”
CRUDEOIL: support at Rs 6,040-5,950, while resistance is at Rs6,190–6,270
“Crude oil extended its gain and hit three week highs in the international markets after biggest draw in a U.S. crude oil stocks in last six months. The U.S. crude oil inventories declined by 12.456 million barrels for the week ended on May, 19. The U.S. peak summer driving season demand is the major reason for decline in the oil stocks and supported crude oil prices. However, standoff of on the U.S. debt ceiling negotiations and strength in the dollar index capping gains. We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $72.60–71.80 and resistance is at $74.40 –75.10 in today’s session. In INR Crude oil has support at Rs 6,040-5,950, while resistance is at Rs6,190–6,270.”
USD-INR: support at 82.55-82.22 while resistance is placed at 82.88-83.05
“USDINR 29May futures contract showed high volatility and slipped below 82.80 levels. As per the daily technical chart, we observed that a pair is trading above its trend-line support level of 82.5500 and RSI is fetching above 60 levels. Looking at the technical set-up, MACD is showing positive divergence and a pair is sustaining above 82.55 levels. A pair is having support at 82.55-82.22 while resistance is placed at 82.88-83.05. A pair only slip below 82.5000 could extend its losses otherwise it could test its resistance levels again.”
(Report by: Rahul Kalantri, VP Commodities, Mehta Equities Ltd)
(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.)
