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

Last week we have notice a high volatility in Commodity market mainly in bullions and in energy segment.

Last week gold and silver recovered from lower levels however crude oil prices corrected sharply.

Mcx gold prices increased by 0.32% and closed at 50529 levels. Spot gold prices increased by 0.28% and closed at $1716.20 levels.

Mcx Silver prices increased by 3.82% and closed at 55050 levels. Spot silver prices recovered from lower levels and increased sharply by 4.35% and closed at $18.81 levels.

Brent crude oil corrected sharply by 1.55% and closed at $91.39 levels. It made a low of $86.85 levels. This corrected was due to expectation of aggressive interest rate hikes and China's COVID-19 curbs weighed on the demand outlook.

The city of Chengdu extended a lockdown for most of its more than 21 million residents on Thursday while millions more in other parts of China were told to shun travel during upcoming holidays.

As per CFTC (the U.S. Commodity Futures Trading Commission (CFTC), Money managers cut their net long U.S. crude futures and options positions by 3,274 contracts to 165,158 in the week to Sept. 6.

Bullions were also shining last week as the dollar retreated further from its biggest rally in two decades, allowing bullion to somewhat reinforce its standing as a safe haven. 

We are expecting that gold and silver may trade positive in the coming week. Gold may found support at 50100 ($1700) and resistance at 50900 ($1735) levels.

Silver may found support at 54500 ($18) and resistance at 56500 ($19.50) levels.

We are recommending buy in Gold and silver for the week. Buy gold around 50200 levels with the stoploss of 49800 levels for the target of 50900 levels. They can also go for buy in silver around 54500 levels with the stoploss of 53000 for tge target of 56500 to 57000 levels. Gold may test $1740 levels and silver may test $19.50 levels very soon.

On the other hand trader can go for sell in crude oil and it may test $87 levels very soon.  Overall trend of crudeoil is bearish. Technically it is forming lower top lower bottom formation which is negative for the prices.

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