Weekly Oulook : Weekly outlook Gold, Silver & Crude oil By Anuj Gupta,HDFC Securities
Below are Views on Weekly Oulook - Gold, Silver, Crude Oil & Copper By Mr. Anuj Gupta, Vice President, HDFC Securities
The gold rally is likely to continue until price trades above $2225, and Comex gold can fly towards $2370 and $24000in the short term.
Gold June future has immediate resistance at 72650, then 73555 acts as the next resistance, and it has support at 69200/69022.
Comex Silver finally broke its long-term downward-sloping trend line and settled above it. We anticipate Comex silver has immediate resistance at $30.09 (Feb 21 high). Once price crosses this resistance, bullish momentum is likely to extend, and price can surge towards $34-$35 levels.
The MCX Silver May Future faces immediate resistance at 82605, with 84000/86600 serving as the next significant resistance level. It has supports at 72800 and 75700.
Crude Oil:
Technically, crude oil prices are in a strong uptrend amid bullish fundamentals. WTI crude oil can face the first supply zone at the $89–$89.80 level. Above that price can retest the September 23 high of $94.0. It has support at $84.75 and $82.0.
MCX Crude Oil's near-month future has resistance at 7526 and 7880 and support at 7060 and 6850.
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