bullion, crude oil and currency range for intraday at a glance: સોનામાં 60320નો સપોર્ટ અને 60780ના રેઝિસ્ટન્સ
અમદાવાદ, 3 મેઃ ઇન્ટરનેશનલ માર્કેટમાં સોનામાં સાધારણ પીછેહઠના કારણે ઘરઆંગણે પણ ઊંચા ભાવોને લઇને ઘરાકી ઓછી થઇ રહી છે. તેની પાછળ ચાંદીમાં પણ ટોન નરમ રહ્યો છે.
BULLION: support Rs 60,320-60,150, resistance Rs60,780, 60,920
Gold and silver prices were sharply higher on Tuesday amid safe-haven buying interest as investors turned risk averse ahead of the U.S. Fed meeting on interest rates later in the day today. Besides, the U.S. Treasury yields also dropped on flight-to-quality buying amid higher anxiety in the marketplace.
U.S. Treasury Secretary Janet Yellen has also warned that the U.S. government could be in default on some of its payments by June 1 if the debt limit is not increased.
Gold has support at $2004-1992 while resistance is at $2025-2040. Silver has support at $25.05-24.82, while resistance is at $25.47-25.62. In INR terms gold has support at Rs 60,320-60,150, while resistance is at Rs60,780, 60,920. Silver has support at Rs74,320-73,750, while resistance is at Rs75,850–76,230.
CRUDE OIL: support $70.50–69.60 resistance at $72.40–73.50
Oil prices tumbled 5% on Tuesday as investors shunned risky assets amid fears of a possible recession in the US. Brent held near $75 a barrel after closing at the lowest in more than five weeks. Crude fell along with other commodities as figures showed a cooling US labor market ahead of what’s expected to be the Federal Reserve’s final interest-rate hike in its current tightening cycle. Renewed concern about the US banking sector added to selling pressure. Chinese economic data released this week was also lower than expected and increased fears about crude oil demand.
We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $70.50–69.60 and resistance at $72.40–73.50 in today’s session. In INR Crude oil has support at Rs 5,840-5,750, while resistance is at Rs5,990–6,070.
USDINR: watching the level of 81.80-82.05 for taking fresh positions
The USDINR 29 May futures contract traded in a tight range. As per the daily technical chart, we observed that the pair is trading at its trend-line support level of 81.85 but MACD is showing a negative divergence. Looking at the technical set-up, RSI is fetching below 50 levels and the pair is facing steep resistance at higher levels. The pair is having support around 81.70-81.55 while resistance is placed at 82.05-82.22. If the pair sustains above 82.05 it could witness further strength, else could test its support levels of 81.70-81.55. We suggest closely watching the level of 81.80-82.05 for taking fresh positions in the pair in today’s session; either side breakout of the range could give further directions.
(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.)
