BULLION: Gold has support at $2004-1992, resistance is at $2028-2040
Ahmedabad, 16 May: Gold and silver prices were modestly higher on Monday due to profit booking in the dollar index. Focus this week is on the U.S. debt-limit extension talks between the White House and Congress. The U.S. retail sales and industrial productions data could give more clarity on the Fed’s stance on further interest rate hikes. We expect gold and silver to remain highly volatile in today’s session. Gold has support at $2004-1992 while resistance is at $2028-2040. Silver has support at $23.78-23.55, while resistance is at $24.32-24.50. In INR terms gold has support at Rs 60,780-60,550, while resistance is at Rs61,290, 61,450. Silver has support at Rs72,450-71,820, while resistance is at Rs73,850–74,370.
CRUDEOIL: support at $70.70–69.80 and resistance is at $72.40–73
Crude oil prices recovered from their lows after talks of refilling U.S. oil reserves and profit taking in the dollar index. The U.S. Department of Energy said in a statement on Monday that they will purchase up to 3 million barrels of oil to replenish strategic petroleum reserves in continuation of the Biden-Harris Administration’s three-part replenishment plan. Crude oil prices also gained amid talks on U.S. debt ceiling negotiations. We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $70.70–69.80 and resistance is at $72.40–73.50 in today’s session. In INR Crude oil has support at Rs 5,770-5,710, while resistance is at Rs5,990–6,070.
USD-INR: support at 82.05-81.85 while resistance is placed at 82.55-82.80
The USDINR 29 May futures contract extended its gains and closed above 82.30 levels. As per the daily technical chart, we observed that the pair is trading above its trend-line support level of 81.95 and RSI is fetching above 60 levels. Looking at the technical set-up, MACD is showing a positive divergence. The pair is having support at 82.05-81.85 while resistance is placed at 82.55-82.80. If the pair continues to sustain above 82.22 it could extend its gain towards 82.55-82.80.
(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.)
