Bullion prices to consolidate in broader range with positive bias; check gold, silver support, resistance levels
时间:2024-06-26 06:35:53 阅读(143)
By Saumil Gandhi
Commodity prices advanced with most of the commodities posting a gain for the week. Bullion prices rebounded from multi-month lows and closed for a weekly gain. Crude oil price soared by 4.40% as optimism for demand recovery from China and India, with China’s oil imports likely to hit a record high in 2023 and demand from India, the world’s third-biggest oil importer surging. While Natural gas prices surged to a five-week high on the back of anticipated stronger demand in the upcoming week after the latest forecasts continued to show below-normal temperatures during the second week of March in the US. Base metals prices rose between 2% to 4% last as sentiment improved after stronger Chinese Manufacturing PMI Data, investors’ optimism about further demand recovery for Industrial metals.
We expect bullion prices will consolidate in a broader range with a positive bias, however selling pressure will likely see at a major resistance level. Comex spot gold has resistances at $1870/1895 per ounce and support at $1823/1805 per ounce. MCX Gold April future has resistance at Rs 56380 per 10 grams and support place at Rs 55140 per 10 grams. Comex Spot silver has resistances at $21.95/$22.40 per ounce and support at $20.40 per ounce. MCX Silver May future price face resistance at Rs 66900 per 1kg and find support at Rs 63200 per 1 kg for this week.
(Saumil Gandhi is a Senior Analyst (Commodities) at HDFC Securities. Views expressed are the author’s own.)
上一篇:Will Sensex, Nifty rebound or continue their downward move- 5 things to know before opening bell
猜你喜欢
- Petrol and Diesel Rate Today, 19 April- Fuel prices revised; Check rates in Delhi, Mumbai, other cities
- Windfall tax cut on oil producers expected; hike in levy on ATF, diesel exports surprising- Analysts
- Blogger’s Park- Catching them young
- Will Nifty make a new high above 21,500- See GIFT Nifty, FII data, F&O ban, crude, more before market opens
- Zila Parishad Nagpur launches an entrepreneurship programme in district schools in collaboration with ULF and GAME
- Will Nifty hold 21,500 levels or Hit a new high of 22,000- See GIFT Nifty, FII data, F&O ban, crude, more before market opens
- Bikaji Foods International Rs 881 crore IPO to open on 3 November; check GMP, price band, offer details
- Petrol, Diesel Price Today, 27 Oct 2022- Fuel prices unchanged; Check rates in Mumbai, Delhi, other cities
- With more local value additions, electronics manufacturing sector to be worth USD 115 billion in 2024