Bullion prices to consolidate in broader range with positive bias; check gold, silver support, resistance levels
时间:2024-06-26 13:25:18 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:Republic Day 2023- Mesmerizing views of tricolour-illuminated railway stations
下一篇:Windfall profit tax on crude oil cut; levy on diesel, ATF exports hiked
猜你喜欢
- Vivriti closes $200 million bond fund
- Gold prices off Rs 4,000 from all-time high; should you invest- Here’s what will fuel demand
- Reliance, ICICI Bank, UltraTech Cement, Axis Bank, Gland Pharma, Kotak Bank, Adani group stocks in focus
- RBI changes stance to ‘less accommodative’ monetary policy with new liquidity management tool SDF
- Warren Buffett’s unhealthy food investments that will make health fanatics cringe- From Coke to Burger King
- Reliance Retail valued at Rs 7
- Gold Price Today, 23 June- Gold sideways, silver slips; dollar gains on Fed Chair Powell’s hawkish commentary
- Wall Street eyes lower open on rate hike, recession worries
- Gold Price Today, 28 Dec 2022- Prices lower, dollar gains; gold range-bound, go long with Rs 55,100 target