Commodity Article : We expect gold to trade lower towards 52770 levels Says Prathamesh Mallya, Angel One
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/11/aec2622bcbf76a17cfb693982e012493.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
GOLD
On Tuesday, gold prices witnessed a bounce back after retreating the day before, the yellow metal moved higher ending at $1749.7 per ounce.
Households are less willing to spend on expensive purchases in light of high inflation, rising borrowing prices, and increasing prospects of a recession in 2019 as US consumer sentiment fell to a four-month low in November.
As investors' attention now mostly switches to Federal Reserve Chair Jerome Powell's speech for insights into the US central bank's monetary policy path, rising interest rates tend to lessen bullion's attraction.
Outlook: We expect gold to trade lower towards 52770 levels, a break of which could prompt the price to move lower to 52620 levels.
CRUDE
Crude prices on Tuesday recovered from their lows, as both the benchmark indices concluded on a higher note. However, Brent ended a little unchanged, whereas, NYMEX ended with gains of over a percent.
Gains were supported by declining US crude inventories, although the upside was constrained by worries that OPEC+ would maintain its current output policy at its upcoming meeting.
The demand for oil has been significantly impacted by slowing economies and Chinese COVID-19 lockdowns, while the supply of oil has been threatened by an impending European Union ban on Russian crude imports and a G7 price cap on Russian crude.
Outlook: We expect crude to trade higher towards 6590 levels, a break of which could prompt the price to move higher to 6720 levels.
BASE METALS
The base metals pack on Tuesday largely ended on a positive note, except for LME Zinc, which was marginally lower.
Metal prices are rising amid expectations that Chinese protests against COVID-19 restrictions will accelerate the removal of regulations that have hindered economic growth and metals demand.
In the meantime, Chinese policymakers made it simpler for real estate developers to get capital, helping a metals-intensive industry that is facing a debt crisis.
As the yuan appreciated against the dollar, making dollar-priced metals were cheaper for Chinese buyers.
Outlook: We expect copper to trade lower towards 669 levels, a break of which could prompt the price to move lower to 659 levels.
Please refer disclaimer at https://www.angelone.in/
SEBI Regn. No.: INZ000161534
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/Ashish Khandelia - Founder at Certus Capital & Earnnest.me.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/soyabean.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Gold 1.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Broker_2.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ravi Kaushik, Flourish venture.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Shrikant Chouhan.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/202407243192420.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Nikunj Agarwal.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/startup.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6b3c1a932eecc597e7ebc63801f5c2dc.jpg)
Quote on Silver : Silver price falls in recent weeks Says Prathamesh Mallya, Angel One
![Bank Nifty Write Up : In this scenario, immediate support is found at levels around 45000 to 44900 Says Mr. Rajesh Bhosale, Angel One](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/052de8b6a271b140ab7a7b65c5f180c9.jpg)
![Market Wrap-Up : Bulls on a roll; Nifty set for the 20K milestone Says Mr. Osho Krishan, Angel One Ltd.](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c3b473fde94c5c2a730f44acc4341955.jpg)
![Commodity Quote on Base Metals (Copper) by Mr. Saish Sandeep Sawant Dessai, Angel One Ltd](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6208478cde315d3c636b81253e95bd4b.jpg)