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Below are Views on Weekly Oulook - Gold, Silver, Crude Oil, copper ,USDINR & NCDEX Guarseed By Mr. Anuj Gupta, Vice President, IIFL Securities

Gold / Silver

Last week MCX gold prices closed on a flat note. It corrected by 0.71% and closed at 59591 levels, spot gold corrected by 0.42% and closed at $1968 levels. However we saw a sharp appreciation in MCX Silver prices. MCX Silver prices increased by 2.56% and closed at 72205 levels. Spot silver increased by 3.77% and closed at $24.06 levels. We observed the Chinese demand supported the metals prices. 

Dollar index is also trading towards the southside which is the sign of bear trend in dollar index. 

Technically the trend of precious metals is positive and we are recommending buy in gold and silver on lower levels for the next week. Gold has an immediate support at 59300 ($19600 and then 58800 ($1945) while resistance at  60300 ($1990) and then 60800 ($2010) levels. Silver has an immediate support at 70500 and then 69000 levels while resistance at 73000 and then 75000 levels. 

Crude Oil:
Last week as expected mcx crude oil increased sharply by 8.08% and closed at 6193 levels. Brent crude oil also increased sharply by 7.03% and closed at $79.73 levels. Expectation of demand from China and lower supplies are the major factors for the price appreciation. 

Oil prices rose due to supplies tightened in some parts of the world and U.S. inflation data indicated price rises were slowing.  Producers shut in or reduced output at several oilfields in the semi-autonomous Kurdistan region of northern Iraq following a halt to the northern export pipeline. OPEC pumped 28.90 million barrels per day (bpd) this month, which is down 70,000 bpd from February. Output is down more than 700,000 bpd from September.

For the next week, we expect it may trade further upside in the next week. Technically the trend of crude oil is positive and we are recommending buy in crude oil prices. It has an immediate support at 5900 ($75) levels and then 5600 levels, while resistance at 6300 ($82) levels and then 6600 levels. 

Copper:
Last week copper prices made a contract high of 794.50 levels, but it closed on a negative note lower by 1.43% and closed at 775.05 levels. We observed prices were corrected due to profit booking on higher levels. Supplies are still lower in Chile, which accounts for a quarter of the world’s mined copper, posted its lowest monthly production in six years on Friday.  Behemoth Codelco said its output woes of 2022 will only get worse this year as it strives to tap new areas of its aging deposits after decades of underinvestment.

Overall trend of base metals is positive and we are expecting we may see a  positive trend in the coming week. For the next week copper has immediate support at   765 levels and 750 levels, while resistance at 790 levels and 800 levels. 

USDINR:
As expected last week we noticed that the Indian rupee appreciated by 0.22% and closed at 82.18 levels. Recover in the Indian equity market giving positive sentiments to the rupee and rupee appreciated against the dollar. Dollar is also trading below 102 levels on the back of lower US data.

For the next week we are expecting that the rupee may appreciate against the dollar. It has support at 81.50 levels and then 80.70 levels, while resistance at 82.60 levels and then 83.10 levels. It may test 81.50 levels very soon.
 

NCDEX Guarseed:
Last week ncdex guarseed increased by 1.31% levels and closed at 5703 levels. Rain across the guar producing area is supportive for the guarseed. Demand of stockists on lower levels is also supportive for the guarseed. Technically the trend of Guarseed is positive. It has a support at 5550 levels and then 5300 levels, while resistance at 5900 levels and then 6100 levels. We are recommending buying guar seed and it may test 6000 to 6100 levels very soon

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