Quote on Gold, Silver & Crude Oil by Kaveri More, Commodity Analyst at Choice Broking
Below the Quote on Gold, Silver & Crude Oil by Kaveri More, Commodity Analyst at Choice Broking
Bullion Outlook:
Gold prices have remained in a consolidating over the past week, moving within the $4,110–$4,220 range, as a stronger U.S. dollar continues to limit upside momentum. The DXY is hovering near an 18-month high of $102.37, keeping pressure on bullion. MCX Gold needs to sustain above 153,000 for a stronger and more sustainable up move, while key support is placed at 145,500–140,900. A decisive breakout above the 153,000 zone could revive buying interest. MCX Silver is holding above the crucial support zone of 223,500–217,600, indicating some stability despite recent volatility. A sustained move above 230,500 could strengthen the recovery and trigger further upside momentum. Until such a breakout occurs, prices are likely to remain range-bound with a cautious positive bias.
Crude Oil Outlook:
MCX Crude Oil opened with a sharp gap-down of around -2.7% on Monday, tracking weakness in international crude markets, with WTI extending its decline for the second consecutive session and trading around $90 per barrel. The near-term structure remains under pressure, with MCX Crude Oil having key support at 8500–8250. A sustained break below this zone could increase selling pressure further.
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