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BULLION

Bullion prices traded weak with spot gold prices at COMEX were trading marginal down near $1807 per ounce while spot silver prices at COMEX were trading over half a percent down near $22.64 per ounce in the morning trade. The US ADP private payroll data reported growth in private payrolls which has capped upside in bullion prices in previous trading. Prices pared some of gains pressured by firm dollar and strong US bond yields with increased expectations of rate hike. The heightened risk of omicron virus spreading has kept risk premium high in precious metals limiting downside

MCX Gold February tentative selling range at Rs. 47800/47900 with resistance for the day at Rs. 48000 per 10 grams with support at Rs. 47500 per 10 grams. MCX Silver March tentative selling range at Rs. 61500/61700 with resistance for the day at Rs. 62000 with support at Rs. 60800.

COMEX Gold

COMEX Silver

ENERGY

Crude oil prices traded lower on Thursday with NYMEX WTI crude oil prices were trading 1.12% down near $76.98 per barrel. Crude Oil prices declined from their highest levels in more than a month after U.S. fuel stockpiles surged amid declining demand. US Crude oil stockpiles fell last week while gasoline inventories surged more than 10 million barrels, the biggest weekly build since April 2020. We expect crude oil prices to trade sideways to up for the day.

Sell on rise is advisable in MCX Crude Oil January around Rs. 5750/5770, support lies at Rs. 5650 per barrel with resistance at Rs. 5790 per barrel. MCX Natural gas January support lies at Rs. 275 and resistance at Rs. 292.

MCX Crude Oil 

MCX Natural Gas

BASE METALS

Base metals prices traded down on Thursday morning with most of the metals traded under pressure. Base metals traded lower as the Federal Reserve signaled interest-rate hikes may be more aggressive than expected, hitting broad market sentiment and clouding the demand outlook for commodities. Base metals are also grappling with the spread of the omicron virus variant, which led prices mostly lower on Thursday

Base metals may trade sideways to down for the day. MCX Copper January support lies at Rs. 735 and resistance at Rs. 748. MCX Zinc January support lies at Rs. 285, resistance at Rs. 295. MCX Aluminium January support lies at Rs. 227 with resistance at Rs. 234. MCX Nickel January support lies at Rs. 1540, resistance at Rs. 1590

LME Copper

LME Nickel 

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