Technically crude oil is looking down and it may test $82 to $80 levels very soon Says Anuj Gupta, IIFL Securities
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Below are Views on Weekly Gold, Silver, Crude Oil Outlook 19 November 2022 By Mr. Anuj Gupta, Vice President, IIFL Securities
Last week gold and silver prices closed on a flat note. MCX Gold increased by 0.65% and closed at 52649 levels however in the international market gold corrected by 1.14% and closed at $1750 per ounce. In this week gold tested the 3 month high level of $1786.50 per ounce.
MCX Silver corrected by 1.12% and closed at 60927 levels and on the international market it corrected by 3.52% and closed at $20.93 per ounce levels. In this week it tested the 5 month high level of $22.14 per ounce levels.
This cool off was seen after FED person James Bullard commented that higher interest rate will be the only way for the Federal reserve to bring down the inflation back to its 2% target levels. After this statement we have seen all metals and crude oil prices eased off from its monthly high levels.
Crude oil prices also corrected by 7.89% and closed at $87.45 per barel level on the back of slower demand from China and hawkish signals from the federal spokesperson.
On the other side, the dollar index closed on a flat note up by 0.56% at 106.83 levels.
The trend of the metals and oil may be sideways due to holidays in the US due to the thanksgiving day.
for the next week gold has a support at 52300 levels ($1720) and then 52000 ($1700) levels, resistance at 53100 ($1780) and then 53500 ($1800) levels. Trading above 53100 may lead the rally towards 53500 and 53800 levels.
recommending buy around 52300 levels with the stop loss of 52000 levels for the target of 53100 to 53300 levels.
Silver has a support at 59500 levels and then 58000 levels, resistance at 62000 and then 64000 levels. Traders can buy silver around 59500 levels with the stop loss of 58000 for the target of 62000 levels.
Technically crude oil is looking down and it may test $82 to $80 levels very soon. so traders can sell crude oil for a short term and it may correct further. China's lower demand is negative for crude oil .
Above views are of the author and not of the website kindly read disclaimer
