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Below are Views on Weekly Gold, Silver, Crude Outlook By Mr. Anuj Gupta, Vice President, IIFL Securities

As expected, Last week we observed that gold and silver again closed on a positive note. MCX Gold increased by 0.43% and closed at 54561 levels and on the Spot market it increased by 0.30% and closed at $1798 per ounce levels. MCX Silver increased sharply by 2.07% and closed at 69021 level and on the international market it increased by 2.11% and closed at $23.70 levels.

The U.S. economy grew more than expected between July and September, the U.S. Bureau of Economic Analysis reported on Thursday. The third estimate showed that the U.S. Q3 GDP rose 3.2%, handily beating expectations for an unchanged reading at 2.9%.
Fear of corona and fear of slow down giving a boost to the gold and silver prices. Ease of dollar index was also the major reason for the rally in gold as dollar index corrected by 0.49% last week and closed at 104.32 levels and it touched the low of 103.72 in the same week. The sharp correction in the dollar is giving support to gold and silver as safe haven demand.

Technically the trend of gold and silver are positive as prices are following bullish momentum.
for the next week gold has a support at 54100 and then 53700 levels, while resistance at 54800 and then 55000 levels. Silver has a support at 67500 and then 65000 levels, while resistance at 70500 and then 72000 levels. Volumare are expected to remain dry next week due to Christmas and new year celebrations.

We are recommending buy on dips in gold and silver. Gold may test 54800 to 55000 levels and Silver may test 70000 to 70500 levels in the next week.

As expected, Crude oil prices have increased sharply in the last week on the back of uncertainty on supplies. Moscow said it may cut oil production to offset price caps on Russian crude imposed by the G7 nations. There is also an expectation that Russia may cut oil output by 500000 - 700000 barrels a day in early 2023. Opec has also given their expectation to increase the demand of crude oil next week. So a couple of supportive news floated in the market and we noticed that Brent crude oil prices rose 6.32% and closed at $84.65 per barrels. On MCX it increased by 6.06% and closed at 6616 levels.

Technically the trend of crude oil is positive and we are expecting that it may trader higher in the next week. For the next week crude oil has a support at 6450 and 6200 ($80) levels, Resistance at 6700 and 7000 ($88) levels. It may test $86 to $88 levels very soon, so it is advisable to buy crude oil on support levels.

Copper

MCX Copper prices also rose by 1.29% last week and closed at 711.23 levels on the back of positive US GDP data.  Technically the trend of copper is positive and we are expecting that it may trade positive next week also. It has a support at 702 and then 690 levels, while resistance at 720 and then 727 levels. Traders can buy around support levels and it may test 720 to 722 levels very soon.

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