Weekly outlook on Gold, Silver and Crude Oil By Mr. Anuj Gupta, IIFL Securities
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Below is Weekly outlook on Gold, Silver and Crude Oil by Mr. Anuj Gupta, Vice President, IIFL Securities
Last week gold and silver closed on a negative note after sharp upside seen at the starting of the week.
Mcx gold corrected by 0.47% and closed at 51238 levels. Spot gold corrected by 0.58% and closed at $1736 levels.
Spot Silver prices cotrected by 0.75% and closed at $18.88 levels and on mcx it corrected by 1.29% and closed at 54780 levels.
Powell said policy-makers at the Fed’s Federal Open Market Committee had an “overarching focus” to bring inflation back down to the central bank’s annual 2% goal.
Higher bond yield and higher dollar index putting pressure on gold and silver. However it is on stable mode as Fed is unable to fight with inflation as this may attract yellow metals as a safe haven demand.
Last week brent crude oil prices also increased by 3.39% and closed at $100.71per barell on the back of OPEC members are ready to cutvproduction on lower demand projection. However expectation of positive outcome from Iran neuclar deal may curb sharp appreciation of brent crude oil.
For next week gold may find support at 50800 ($1720)and 50400 ($1690) levels. Resistance at 51800 ($1765) and 52400 ($1785) levels. Silver support at 54000 and 52500 levels. Resistance at 56000 and 57500 levels.
We are expecting that traders can buy Gold and silver on lower levels as physical demand and demand against inflation may provide support to the precious metals. Gold buy around 50800 to 50900 levels with the stoploss of 50400 levels for the target of 51500 levels. They can also buy silver at 54000 with the stoploss of 52500 for the target of 56500 to 57000 levels. Next week gold may test $1760 levels and silver may test $19.50 levels.
For crude oil traders can go for sell in crude oil on expection of positive outcome from iran neuclear deal. Brent may test $97 to $95 levels.
Above views are of the author and not of the website kindly read disclaimer
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