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Bullion prices traded steady with spot gold prices at COMEX were trading -  HDFC Securities

BULLION

Bullion prices traded steady with spot gold prices at COMEX were trading near $1779 per ounce while spot silver prices at COMEX traded marginal down near $22.31 per ounce in the morning trade. Bullion prices are trading steady on mixed global cues in search of fresh triggers. The softer dollar and easing worries over omicron virus has held prices in range.

Bullion prices may trade sideways to down for the day. MCX Gold February tentative selling range at Rs. 47900/48000 with resistance for the day at Rs. 48100 per 10 grams with support at Rs. 47500 per 10 grams. MCX Silver March tentative selling range at Rs. 61400/61600 with resistance for the day at Rs. 61800 with support at Rs. 60800.

ENERGY

Crude oil prices traded higher on Tuesday with benchmark NYMEX WTI crude oil prices were trading 0.94% up near $70.22 per barrel in the morning trade. Crude Oil prices extended gains as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies.

We expect crude oil prices to trade sideways to up for the day. Buy on dips is advisable in MCX Crude Oil December around Rs. 5260, support lies at Rs. 5190 per barrel with resistance at Rs. 5380 per barrel. MCX Natural gas December may trade up with buying range around Rs. 281/279, with support at Rs. 276 and resistance at Rs. 290.

BASE METALS

Base metals prices traded firm with most of the metals witnessed positive opening in the morning trade. Base metals were up after China pledged to implement economic-support measures, brightening the demand outlook from the top metal-consuming country. The People’s Bank of China said it will reduce most banks’ reserve requirement ratios, while Premier Li Keqiang said there’s room for a variety of monetary policy tools. Officials also signaled an easing of real-estate curbs and pledged to stabilize the economy in 2022.

Base metals may trade sideways to up for the day. MCX Copper December support lies at Rs. 725 and resistance at Rs. 738. MCX Zinc December support lies at Rs. 266, resistance at Rs. 274. MCX Aluminium November support lies at Rs. 208 with resistance at Rs. 216. MCX Nickel December support lies at Rs. 1525, resistance at Rs. 1560.

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