IIFL has come out with its report on global commodity update. According to the research firm, for gold
prices, USD 1,550 seems to be a crucial support level, whereby a breach
of the same can drift the prices towards USD 1,520/ounce.
Precious metals are trading on a weak note, as global investoRs seem to be flocking to surging equities. With US equities trading on a firm note, there could be relentless pressure on the precious metals in the short run. Amongst the pack, silver seems to be more vulnerable as there is substantial deterioration on the charts. Silver prices are well poised to move lower towards USD 26/ounce. For gold prices, USD 1,550 seems to be a crucial support level, whereby a breach of the same can drift the prices towards USD 1,520/ounce.
MCX Gold (June)Price indication: Prices have support at Rs 29,200/10gms and resistance at Rs 29,650/10gms.
MCX Silver (May)Price indication: Prices have support at Rs 49,850/kg and resistance at Rs 53,350/kg.
Base metals
LME base metals continue to tread lower, in light of expansion in supply, mounting stockpiles and doubts about end-user demand in China, the world’s largest metal’s consuming nation. Copper prices have breached the crucial support of USD 7,500/ton and can retest the 2012 low of USD 7,219/ton. Strengthening US dollar is also weighing on the complex. US dollar index has rebounded back above 83, deriving cues from improving macroeconomic tone in US.
MCX Copper (April)Price indication: Prices have support at Rs 400/kg and resistance at Rs 415/kg.
MCX Zinc (April)Price indication: Prices have support at Rs 99.2/kg and resistance at Rs 102/kg.(moneycontrol
Precious metals are trading on a weak note, as global investoRs seem to be flocking to surging equities. With US equities trading on a firm note, there could be relentless pressure on the precious metals in the short run. Amongst the pack, silver seems to be more vulnerable as there is substantial deterioration on the charts. Silver prices are well poised to move lower towards USD 26/ounce. For gold prices, USD 1,550 seems to be a crucial support level, whereby a breach of the same can drift the prices towards USD 1,520/ounce.
MCX Gold (June)Price indication: Prices have support at Rs 29,200/10gms and resistance at Rs 29,650/10gms.
MCX Silver (May)Price indication: Prices have support at Rs 49,850/kg and resistance at Rs 53,350/kg.
Base metals
LME base metals continue to tread lower, in light of expansion in supply, mounting stockpiles and doubts about end-user demand in China, the world’s largest metal’s consuming nation. Copper prices have breached the crucial support of USD 7,500/ton and can retest the 2012 low of USD 7,219/ton. Strengthening US dollar is also weighing on the complex. US dollar index has rebounded back above 83, deriving cues from improving macroeconomic tone in US.
MCX Copper (April)Price indication: Prices have support at Rs 400/kg and resistance at Rs 415/kg.
MCX Zinc (April)Price indication: Prices have support at Rs 99.2/kg and resistance at Rs 102/kg.(moneycontrol
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