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Below are Views on Weekly Outlook :Weekly Outlook - Gold ,Silver , Crudeoil , Copper ,USDINR ,  NCDEX Coriander By Anuj Gupta,Vice President , IIFL Securities

Gold / Silver

Last week we saw a range bound to positive trends in gold and silver. MCX Gold tested the lifetime high of 60455 levels and spot gold tested the high of $2009 levels. MCX Gold closed on a flat note at 59310 levels, while international gold closed at $1976.90 levels. Weakness in the Dollar, uncertainty in the global banking system and dovish instances by FOMC is positive for the yellow metals. Safe haven demand and central bank demand is also providing support to the yellow metals.

MCX Silver increased sharply by 2.56% and closed at 70404 levels. International silver increased by 2.79% and closed at $23.22 levels. The trend of silver remains positive and expecting further positives.  

Technically the trend of gold and silver are positive and we are expecting a positive trend may be seen in the coming week also.

Gold has an immediate support at 58800 levels ($1960) and strong support at 58300 ($1935), while immediate resistance at 59800 ($1990) levels and then 60400 ($2010) levels. Silver has an immediate support at  69500 ($22.70) and then 68000 ($22.20), while resistance at 71500 ($24.00) and then 73000 ($24.80) levels. We are expecting gold and silver to trade with positive bias in the coming week. Gold may test 60000 to 60500 levels and silver may test 71000 to 72000 levels.

Crude Oil

Last week we observed that MCX Crude oil prices touched the contract low of 5359 levels and Brent crude oil tested the 15 month low level of $70.04 per barrel. Over supplies and low demand due to the financial crisis and low demand from china is putting pressure on crude oil. Overall trend of crude oil is down on the back of the demand and supply mismatch. European banking shares fell and after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects.

The trend of crude oil is looking down due to the over supplies of crude oil. The US is also drilling more crude oil to fight with inflation and meet out of crude oil demand for summer driving season. Technically the trend of crude oil is also looking down. It has immediate support at 5200 ($70) and then 4900 ($67) levels, while resistance at 5600 ($77) and then 5900 ($80) levels. We are expecting crude oil may trade with negative bias in the coming days. It may test 5200 to 4900  ($67 to $64) levels very soon.

Copper

Last week as expected we saw a big runup in copper and aluminium prices, while zinc and lead was subdued.  MCX Copper increased by 3.44% and closed at 772.70 levels, Aluminium increased sharply at 0.81% and closed at 205.55 levels. MCX Zinc prices corrected by 1.14% and closed at 255.70 levels, MCX lead corrected by 0.71% and closed at 182.90 levels. The trend of base metals was sideways to positive as prices are taking support from the lower inventories in the globe but banking crises curb the sharp appreciation in the base metals.

Chinese copper demand was up 13 per cent year on year last month, S&P Global estimates that 40mn tonnes of copper will be consumed a year by 2030, up from 25mn tonnes in 2021.

Technically the trend of Copper is positive and we are expecting that the bull trend may remain intact for the coming time. Copper has immediate support at 760 levels and then support at 745 levels, while resistance at 785 levels and then 795 levels. We are expecting that copper may test 790 to 795 levels very soon on MCX.

USDINR

Rupee has appreciated against the dollar in the last week. It appreciated by 0.21% and closed at 82.36 levels. Weakness in the dollar is providing support to the Rupee and also to other Asian currencies. 

India's foreign exchange reserves rose sharply by USD 12.798 billion to USD 572.801 billion in the week ending March 17, according to the Reserve Bank of India's latest data. Gold reserves during the latest week rose by USD 2.187 billion to USD 44.109 billion. 

Rupee is looking in appreciation mode and dollar is looking in correcting mode. As per the current scenario Dollar index may test 100 to 98 levels. If it tests 100 to 98 levels then this will be positive for the Indian rupee. Dollar against rupee has an immediate support at 81.80 levels and then 81.20 levels, while resistance at 82.80 and then 83.30 levels. As per the current price action rupee may appreciate and test 81.80 to 81.20 levels.

NCDEX Coriander

As expected NCDEX Coriander increased sharply last week. It increased by 1.35% and closed at 7078 levels. Sudden change in the weather situation in India and unwanted rains destroying current crops. There is also an expectation of 10% to 15% crop damage of coriander due to this rainfall. Technically the trend of NCDEX Coriander is looking positive. It has immediate support at 6700 levels while resistance at 7500 levels. We are expecting it may test 7500 levels. If it breached 7500 levels then it may test 7800 to 8000 levels very soon.

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