IGI Logo

Below are Views on Weekly Gold, Silver, Crude Oil And Base Metals Outlook By Mr. Anuj Gupta, Vice President, IIFL Securities

Last week we saw a range bound Trend in gold and silver prices, however at the starting of the week we gold tested 59884 levels, and silver tested 76674 levels. 

We saw profit booking at the last trading day of the week and gold closed down by 0.06% at 59298 levels. Silver closed down by 1.37% at 74950 levels.

The overall Trend of gold and silver are positive however in next week they will take cues from FOMC meeting. 

For next Week gold has Support at 58800 ($1940), 58200 ($1920), while resistance at 59800 ($1980) and 60200($2000) levels

Silver Support at 73500, $24 and then 72000, $23 levels while resistance at 76000, $25.50 and 78000 $27 levels .

We are recommending to buy on support levels as technical Trend is positive and fundamentally FOMC may keep interest rates stable which may Support to the bullions and put pressure on dollar index.

It is expecting that Gold may test 60000 levels and silver may test 78000 levels very soon. 

Crudeoil
Last week crude oil prices increased sharply higher almost 1.25% and closed at 6299 levels and Brent crude oil increased by 1.32% and closed at $80.49 per barel.

 Rising tensions between Russia and Ukraine that could further hit supplies

Technically the trend of crudeoil is positive. For the next week crude oil has Support at 6100 ($76) levels and then 5800 ($72) levels, Resistance at 6400 ($84) and the 6700
 ($84) levels. We are recommending to buy on support levels in the crude oil. Crude oil may test $84 to $86 levels very soon.

Copper
Last week we saw a volatility in the base metals on the back of global demand and supply mismatch. Where the inventories of base metals on LME continously on falling zone on the another side slow down in China impacted lower demand of base metals. 

Last week copper prices corrected by 2.08% and closed at 724.79 levels. Zinc corrected by 2.23% and closed at 212.65 levels, aluminium corrected by 2.70% and closed at 196.25 levels. 

Overall Trend of base metals are sideways to up as expectation of stimilulus package from China may Support the base metals.

We are expecting positive trend may seen in the industrial metals next week. 

Copper strong support at 710 and then 690 while resistance at 740 and the. 755 levels 

Zinc support at 205 and resistance at 220 levels, aluminium support at 190 and resistance at 205 levels. We are reslcommending buy on suppprt levels fir the next week. 

"NCDEX Coriander"
We saw ncdex Coriander rallied sharply and made a new contract high of 7594 levels. 

Good export demand and lower arrival due to rain and flood in producing area were supportive factor for the Coriander.

For the next week we are expecting it may trade further higher. Support at 7200 and the 6800 levels, Resistance at 7900 and then 8400 levels. Traders can buy on support levels and we are expecting it may test 8000 to 8400 levels.

Above views are of the author and not of the website kindly read disclaimer