BULLION: Gold support $1952-1940, resistance $1974-1986
Ahmedaba, 7 june
The gold and silver market showed resilience, with gold holding the critical support around $1,950 an ounce even as the Federal Reserve is expected to maintain a tight grip on its monetary policy.Gold and silver gained amid safe-haven demand after an escalation in Russia-Ukraine tensions, amid news that major dams and power stations in Ukraine were blown up. The dollar index is trading steady around 104 amid uncertainty over the Fed rate hike decision next week.Gold has support at $1952-1940 while resistance is at $1974-1986. Silver has support at $23.35-23.20, while resistance is at $23.71-23.85. In INR terms gold has support at Rs 59,740-59,580, while resistance is at Rs60,120, 60,280. Silver has support at Rs71,380-70,820, while resistance is at Rs72,340–72,720.
CRUDE OIL: support at Rs 5,870-5,810, while resistance is at Rs6,050–6,120
Crude oil witnessed profit taking after a surprise build up in the U.S. gasoline and distillate stocks during the peak summer driving season. However, crude oil inventories declined by 1.71 million barrels and supported prices at lower levels. The dollar index was also firm ahead of the next week’s FOMC meeting which capped gains of crude oil. The U.S. EIA will release its weekly inventory reports later today.We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $70.90–70.00 and resistance at $72.40–73.20 in today’s session. In INR Crude oil has support at Rs 5,870-5,810, while resistance is at Rs6,050–6,120.
USD-INR: support at 82.45-82.22 while resistance is placed at 82.88-83.05
The USDINR 27 June 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 82.60 and RSI is fetching above 50 levels. Looking at the technical set-up, MACD is showing negative divergence but the pair is holding above 82.60 levels. The pair is having support at 82.45-82.22 while resistance is placed at 82.88-83.05. The pair has recovered from its lows and crossed 82.60 levels once again; it could consolidate in the range of 82.00-83.30.
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.)
