IGI Logo

Weekly Commodity Takeoff

News / Other data

* The U.S. Environmental Protection Agency (EPA) said it was seeking input in its $3 billion Clean Ports Program to reduce pollutants at U.S. ports and its $1 billion Clean Heavy-Duty Vehicle Program to reduce vehicle emissions near ports and other truck routes. EPA wants details about the availability, market price, and performance of zero-emission trucks, zero-emission port equipment, electric charging and other infrastructure needs for zeroemission technologies.

* Oil prices rose on Friday but fell for the third straight week after a sharp fall earlier this week ahead of benchmark interest rate rises and on concern that the U.S. banking crisis will slow the economy and sap fuel demand. Brent crude closed $2.80, or 3.9% higher, at $75.30 a barrel. U.S. West Texas Intermediate settled up $2.78, or 4.1%, at $71.34 after four days of declines that sent the contract to lows last seen in late 2021.

* It appears so after the U.S. Labor Department announced another stupendous jobs growth for April that presumably had the inflation fighters at the Federal Reserve shaking their heads ruefully. And the gold market responded accordingly to concerns that the Fed might not be done after all with its rate hikes in June, with the spot price of bullion tumbling from the previous session’s record high of above $2,080 to under $2,000 at one point

* Big Tech delivered again, as another earnings beat from the world's biggest firm soothed investor nerves over U.S. regional banks and the debt ceiling row - and Friday's release of the April employment report.

* Benchmark Brent crude was still above levels that allow oil and gas producers to drill profitably even though it was nearly 20% lower than last year and averaged $81.24 a barrel in the first three months of 2023.

Chart for the Week

MCX SILVER FUTURES (Weekly) : 76843

Observation

* The prices of MCX SILVER FUTURES are currently nearing its record high which tells that the prices are already in strong momentum.

* The breakout of Inverse Head & Shoulder pattern four weeks ago had already indicated beginning of the trend to the upside.

* The prices are currently quoting above the 20 Weeks SMA which was sync with neckline of the above pattern.

* Momentum Indicator RSI is at higher levels of 70 plus which confirms the presence of positive momentum in the prices.

Inference

* These factors indicate that the trend for MCX SILVER FUTURES is expected to move higher in the short term.

* Buy MCX SILVER FUTURES above 78100 for the target of 82000 followed by 84000 where the stop loss must be 76000 on the closing basis.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://web.geplcapital.com/term-disclaimer
SEBI Registration number is INH000000081

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer