Ahmedabad, 15 May

BULLION: terms gold has support Rs 60,580-60,350, resistance Rs. 61,240, 61,450. Silver support Rs72,450-71,820, resistance Rs. 73,850–74,370

Gold and silver plunged last week after the dollar index posted the biggest weekly gain since February 2023. The dollar index attracted safe-haven buying after the U.S. consumer sentiment fell and inflation expectations increased for a longer term released on Friday. After the U.S. consumer sentiment data, the dollar index crossed 102.50 marks once again for the first time in the last one month amid possibilities of further interest rate hikes from the U.S. Fed in the upcoming policy meetings and U.S. debt ceiling issues. We expect gold and silver to remain highly volatile in today’s session. Gold has support at $2002-1988 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 60,580-60,350, while resistance is at Rs61,240, 61,450. Silver has support at Rs72,450-71,820, while resistance is at Rs73,850–74,370.

CRUDE OIL: support $69.10–68.40, resistance $73.88–74.40

Crude oil prices fell for the fourth straight week in the international markets amid demand concerns and strong gains in the dollar index. The dollar index gained and crossed 102.50 marks once again after downbeat U.S. consumer sentiment data. Crude oil prices also fell amid subdued Chinese economic data that also pushed crude oil prices lower. We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $69.10–68.40 and resistance at $73.88–74.40 in today’s session. In INR Crude oil has support at Rs 5,680-5,590, while resistance is at Rs5,850–5,940.

USD-INR: the range of 82.05-82.22 with a stop loss of 81.80 for the target of 82.50-82.70

The USDINR 29 May futures contract gained and crossed its resistance level of 82.22 on a weekly closing basis. As per the weekly technical chart, we observed that the pair is trading above its trend-line support level of 82.05 and RSI is fetching above 50 levels. Looking at the technical set-up, MACD is showing a negative divergence but the pair closed above 82.22 levels. 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 gains towards 82.55-82.80. We suggest buying in the pair in the range of 82.05-82.22 with a stop loss of 81.80 for the target of 82.50-82.70.

(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.)