Commodity Strategies – Gold, Silver, Raw, Base Metals

Ravindra Rao


The price hovered over 47,600 rubles during the 200-day EMA, while MCX gold was moving in a narrow range. Prices fell to 78.6% near the Fibonacci retracement zone to 47,780 rubles, but lifted profits towards the end of the session. We expect the price to remain above 200-DEMA to extend to 47,800-48,000 levels. At the lower end, the 20-day EMA (47,240 rubles) should be supported near 47,000 rubles. If he can’t hold 47,000 rubles, he can try his key support for 46,750-46,600 rubles. On the upside, the RSI has moved above the neutral zone (50) above 54, indicating a sideways trend. Therefore, the price is expected to be 47,240-47,800 rubles per day. In the future, gold will bring in new interest rates of just over 47,800 rubles.

Shopping area; 47,240-47,800 rubles

MCX SILVER’s futures continued to rise near the key resistance of 64,200 (20-DEMA) after violating the initial protest at 63,200 rubles. It now costs more than 65,200 rubles. Short-term waves have been positive as a sign of rapid stochastic transit. On the RSI front, a positive difference on the short-term chart also supports price volatility. On the plus side, it has 62,900 rubles and 62,100 rubles. So, up to 62,100 rubles, the price is expected to increase to 64,200 rubles. An activity lasting more than 64,200 birr alone will generate new interest rates on silver and push it to 65,500 rubles.

MCX Silver Sep 62700 Buy 64200 Stop Loss 62000 Stop

(Views by Ravindra Rao CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd.)


Tapan Patel

Here’s how a variety of products work in the market today.

View: Bulion
Bulls’ prices traded up $ 1,793 per ounce on COMEX on Wednesday. At COMEX, spot silver prices traded more than half of the $ 23.69 per ounce in morning trading. Precious metals were sold ahead of the Jackson Hall meeting, under pressure from the federation, which is awaiting new clues to the federation’s position on asset devaluation and interest rates. A strong equity market can also increase pressure on daily prices. We expect bull prices to fluctuate from day to day in mixed global clues.

Marketing strategy; The MCX gold resistance for the day is supported by 10 g 47,600 per 10 g and 47,000 rubles. Support for MCX Silver September is 62,500 rubles per kilogram and 64,500 rubles per kilogram.

View – Raw oil
Crude Oil Prices On Wednesday at NYMEX WTI crude oil fell 0.55% to $ 67.17 per barrel in morning trading. Crude oil prices have benefited from a strong dollar and COVID worries. Crude oil prices could plummet on a weekly basis with a decline in production and a decline in Mexican production. API data shows that 1.6 million barrels of raw materials fell by the end of the week on August 20, while gasoline reserves fell by 1 million barrels. We expect crude oil prices to go down for the day.

Marketing strategy; September support for MCX crude oil at 4,920 rubles per barrel with 5,060 barrels.

View: Base Metals
Metals prices have joined the opening trade, keeping the trading zone tight. Basics have led to a recession in the Delta and a rise in demand for further stimulus in China. Most of the space minerals were traded at high prices for backward contracts, indicating tight supply. Industrial goods are booming again this week after China’s daily covariates fell to zero and central banks pledged to strengthen support for the real economy. Basic metals can be traded side by side during the day.

Marketing strategy; MCX Copper September support is at 710 rubles and 720 birr. September support for MCX Zinc is in opposition to 245 rubles and 250 rubles.

(Tapan Patel is a great analyst, commodity, HDF guarantees. Views are their own)

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