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Below are Views on Weekly Oulook - Weekly Outlook Gold / Silver / Crudeoil / Copper / USDINR / Turmeric By Mr. Anuj Gupta, Vice President, IIFL Securities

Gold / Silver
Last week, gold prices recovered from the oversold zone and closed on a positive note.  MCX Gold prices increased sharply by 0.54% and closed at 55737 levels, and in the international market it increased by 2.08% and closed at $1848 levels.

However we saw a negative closing in the MCX Silver. It closed down by 0.24% at 64413 levels, while on the international market it increased by 1.78% and closed at $21.13 levels.

Correction in the dollar index from the resistance levels was one of the major reasons for the recovery in gold and silver.  Bullions are also taking positive cues from stronger than expected chinese business activity data spurred bets on a recovery in the world’s largest commodity importer.
 
for the next week gold may find support at $1835 (55300) levels and then $1810 levels (55000). While resistance at $1860 (56200) and then $1890 (56700) levels.

silver may found support at 63000 and then 61500 levels, while resistance at 66000 and then 67500 levels. We are expecting that gold may trade further higher in the coming week and may test $1860 levels and above that it may test $1890 levels.
 
Crude Oil

Last week MCX crude oil increased sharply by 2.28% and closed at 6500 levels. Brent crude oil increased by 3.33% and closed at $85.52 levels. this rebound only due to optimism over a rebound in Chinese demand.

Optimism over China was the biggest boost to prices this week, as the country’s composite purchasing managers’ index (PMI) grew at its fastest pace in over a decade in February after Beijing relaxed most anti-COVID measures earlier this year.
The readings reinforced bets that an economic recovery in China will drive crude demand to record highs in 2023.

For the next week we are expecting again a positive trend may be seen in crude oil price. Technically the trend of crude oil is positive. Crude oil has a strong support at 6200 ($82) and then 6000 ($80) levels while resistance at 6700 ($88) and then 7000 ($90) levels. It may test $88 to $90 very soon on expectation of crude oil demand from china.

Copper

After sharp correction we saw a recovery in copper last week. Copper closed on a positive note as it increased by 0.80% on mcx and closed at 757.30 levels. Even all other base metals were also closed on a flat to positive note. Zinc increased by 1%, aluminium increased by 0.50%.
Chinese's composite purchasing managers’ index (PMI) grew at its fastest pace in over a decade in February after which it is supportive for the base metals. Data this week showed Chinese factory activity increased in February at the fastest pace since 2012 and the services sector expanded rapidly. China may aim for a 6% growth rate in 2023.

for the next week we are expecting a positive trend may be seen in copper and other base metals.
copper may find support at 745 levels and then 730 levels, while resistance at 770 levels and then 785 levels. We are expecting it to test 770 to 780 levels very soon.

USDINR

Last week the rupee appreciated by 0.96% and closed at a 4 week high level at 81.90 levels against the dollar. Correction in the dollar index was the main reason for strength in the Indian rupee. The upside in the rupee was due to strong foreign funds flow, positive Asian economies, and also, a strong rally in domestic equities further uplifted the sentiment in the rupee.

For next week we are expecting strength may be seen in the rupee and weakness in the US dollar. it may find strong support at 81.40 and then 81 levels while resistance at 82.40 and then 83 levels.

NCDEX Turmeric

Last week the NCDEX Turmeric March contract corrected by 1.69% and closed at 6970 levels. However prices are also taking support on lower levels. Recently it made a low of 6800 levels. Lower level demand from the physical traders is seen in the physical market. Good Export demand is also witnessing in the market, we are expecting that prices may trade on a positive note due to good buying activity in the physical market. It has a strong support at 6700 levels and resistance at 7300 levels.

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