Bullion prices to consolidate in broader range with positive bias; check gold, silver support, resistance levels
时间:2024-06-26 12:53:56 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:Rating- BUY; RIL – Delayed tariff hike key constrain
下一篇:Zaggle Prepaid makes muted market debut; shares settle over 3 per cent lower
猜你喜欢
- Eicher Motors share price jumps 7% after Q4 profit beats Street estimates; should you buy, hold or sell-
- Markets Ahead- Nifty, Sensex rebound from 3-day losing streak; traders expect less hawkish-Fed, eye Q3 earnings
- Prudent Corporate Advisory Services’ Rs 538-crore IPO opens May 10; price band fixed at Rs 595-630
- Markets end at all time high; Nifty above 20,600, top gainers on December 4 include Eicher Motors, Adani Enterprises, Adani Ports & SEZ, BPCL
- Rajnath Singh set to undertake 3-day visit to UK from Monday
- Lower edible oil import duty to stay till March 31, 2025
- Programmed into every job- The future of work will be about humans and machines working in tandem
- Market sell-off- Investors poorer by over Rs 13
- Mamaearth IPO on hold, parent co blames ‘weak market’ for postponing multi-billion USD valuation public issue