MCX Gold Feb futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. Based on the current price action, market is expected to continue on bearish momentum once the same breaks below the key support level holding near 49300. The downside rally could possibly test up to 49000- 48700 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 49700. A slide to 50000-50300 is also a possibility if the price makes or break above the current resistance level.
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Malaysia's commodities ministry forecast crude palm oil production at 19.7 million tonnes in 2021, rising from 19.14 million tonnes last year.
China steel rebar inventories continued to accelerate increases this week as downstream industries, especially real estate construction sites, gradually closed down before the Spring Festival with the expansion of the geographical scope of the domestic pandemic "recurrence", and end-user demand continued to shrink.
Crude oil dropped weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world's biggest oil importer.
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11:49 AM (Commodity Desk) Intraday call :-Sell Lead Feb at 161.35-161.45 TGT 160.50 Stoploss 162.25 (Tradebulls Research Desk)
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Gold Outlook for the day By Mr. Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd
Gold prices hit near two-week highs on Wednesday on stimulus plans anticipated from the Joe Biden 46th U.S. president. Gold is trading 0.12% higher at 49510 levels and Silver is trading 0.47% higher at 67291 levels. The hope on stimulus package in US economic by the US Govt. Weakness in Dollar also supportive the Gold and silver.
As of now Traders can go for buy in Gold at 49400 levels with the stop loss of 49100 levels for the target of 49900 levels. They can also for buy in Silver at 67000 levels with the stop loss of 66400 levels for the target of 68500 levels. We are expecting that gold may test $1900 levels and Silver may test $27 levels again soon.
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