We expect bullion prices to trade sideways to down for the day - HDFC Securities
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Bullion
* Bullion prices traded firm on Thursday with gold prices at COMEX were trading 0.47% up near $1746 per ounce while spot silver prices at COMEX rose by 1.12% to $19.41 per ounce in the morning trade. Bullion prices pared some previous loses supported by weaker dollar with gold prices recovering from 10 month lows while silver prices getting support from strong base metals. The Fed speculation and dollar movement is dominating bullion prices to trade weak. The US FED reiterated to home interest rates hinting real danger of high inflation.
* We expect bullion prices to trade sideways to down for the day. MCX Gold Aug resistance for the day at Rs. 51000 per 10 grams with support at Rs. 50200 per 10 grams. MCX Silver Sept resistance forthe day at Rs. 57800 with support at Rs. 56200.
Energy
* Crude oil prices traded firm with NYMEX WTI crude oil prices were trading over half a percent up near 99.08 per barrel on Thursday. Crude oil prices traded up in the morning trade supported by weaker dollar and positive global cues. U.S. crude oil inventories unexpectedly increased last week, confounding expectations for a decline and adding to the bulging weight of expectations that energy demand destruction is underway amid growing fears of a recession. The US API data showed that US Crude oil inventories increased by about 3.8 million barrels for the week ended June 30
* We expect crude oil prices to trade sideways to down for the day. MCX Crude Oil July support lies at Rs. 7680 per barrel with resistance at Rs. 8010 per barrel. MCX Natural gas July contract is expected to trade firm with support at Rs. 425 and resistance at Rs. 460.
BaseMetals
* Base metals prices traded higher on Thursday with most of the metals witnessed positive trading opening trade following strong global cues. Base metals traded up supported by weaker dollar and recovery in equity indices. The free-fall in copper prices is already causing pain to China’s largest consumers of the metal, with copper-product manufacturers suffering losses and defaults looming from their customers
* Base metals may trade sideways to up for the day. MCX Copper July support lies at Rs. 646 and resistance at Rs. 662. MCX Zinc July support lies at Rs. 271, resistance at Rs. 282. MCX Aluminium July support lies at Rs. 205 with resistance at Rs. 214.
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