silver price today: Commodity strategies: Gold, silver, crude, base metals

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By Tapan Patel

Commodities costs traded blended on Tuesday after buying and selling weak within the earlier session. On Monday, many of the commodities within the non-agro phase stored to decrease buying and selling vary as base metals and crude oil traded weak on demand development worries whereas bullion costs traded in vary on blended world cues. The greenback index and US bond yields eased from current highs capping draw back restricted in commodities. Here is a take a look at how completely different commodities are behaving in at present’s market.

Outlook: Bullion

Bullion costs traded regular with spot gold price at COMEX was buying and selling close to $1735 per ounce whereas spot silver price at COMEX was buying and selling over half a p.c down close to $25.57 per ounce within the morning commerce. Bullion costs stored to slim buying and selling vary, limiting the draw back was easing US bond yields whereas fall in Turkish Lira capped the upside with a stronger greenback. Lack of contemporary triggers has stored gold’s buying and selling volumes muted this week. Silver costs are buying and selling underneath stress with promoting in industrial metals. We anticipate bullion costs to commerce sideways to down for the day.

Trading Strategy:

MCX Gold April resistance for the day lies at Rs. 45100 per 10 grams with assist at Rs. 44600 per 10 grams.

MCX Silver May assist lies at Rs. 65000 per KG, resistance at Rs. 66800 per KG.

Outlook: Crude Oil

Crude oil costs traded decrease as benchmark NYMEX WTI crude oil costs had been buying and selling round 1 per cent decrease at $60.98 per barrel within the morning commerce. Crude oil costs traded weak on worries over gas demand restoration on account of pandemic. The slower vaccine rollouts and concern of lockdown measures in Europe weighed on crude oil costs. The journey restrictions in Europe and different nations is offsetting decrease output type OPEC plus nations. Crude oil costs are anticipated to commerce sideways to down for the day.

Trading Strategy:

MCX Crude Oil April assist lies at Rs. 4360 per barrel with resistance at Rs. 4470 per barrel.

Outlook: Base Metals

Base metals advanced witnessed promoting on Tuesday as many of the metals traded weak following Aluminium costs. Aluminium costs at Shanghai plunged 6 per cent hitting the day by day restrict on hypothesis that China might launch some reserves stockpiles to ease glut. Copper and Zinc costs traded weak on broad promoting in industrial metals whereas pandemic worries in Europe has put extra stress on the costs with weaker Euro. Base metals are anticipated to commerce sideways to down for the day.

Trading Strategy:

MCX Copper March assist lies at Rs. 667 and resistance at Rs. 673.

MCX Zinc March assist lies at Rs. 215, resistance at Rs. 221.

MCX Nickel March assist lies at Rs. 1150 with resistance at Rs. 1190.

(Tapan Patel is Senior Analyst (Commodities) at HDFC Securities)

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