Below are Views on Weekly Gold, Silver, Crude Outlook By Mr. Anuj Gupta, Vice President, IIFL Securities
As expected last week gold and silver increased sharply and traded higher. MCX Gold prices increased sharply by 1.40% and closed at 53861 levels. In the international market it increased by 2.49% and closed at $1798 levels. MCX Silver prices increased sharply by 5.08% and closed at 66440 levels and in the international market it increased by 8.15% and closed at $23.12 levels. Brent crude prices also increased sharply at 2.93% and closed at $86.52 levels.
Ease of covid concerns in china and indication of increase in interest rate with slower pace were supportive for the commodities. Recently we have noticed that US added 263000 jobs in novement which will also positive for the market as this is a indication of revive of economy and due to this FED may consider increase in interest rate with slowe pace. The Fed aims to ensure optimum job opportunities for Americans while keeping inflation at or around 2% per annum. Fed chairman Jerome Powell said on wednesday the central bank could start slowing down the pace of US rate hike.
For the next week gold supported at 53300 ($1785) and then 52800 ($1770) levels, resistance at 54300 ($1820) and then 54800 ($1840) levels. We are expecting that gold may test 54300 to 54800 levels and in the international market it may test $1840 levels. Silver has a support at 65000 ($22.80) and then 63500 ($22) levels, resistance at 67500 ($24) and then 69000 ($25.20) levels. Silver may test 67500 to 69000 ($25) levels very soon. Traders can go to buy gold and silver.
For crude oil, the ease of restriction from covide in China may be supportive for crude oil, however the upcoming OPEC+ members meeting would be the important event for further crude oil direction. Technically Crude oil has a support at $82 and resistance at $89 levels. We are expecting it may test $88 to $89 levels very soon. Traders can go for buy crude oil .
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