Read carefully our weekly commodity samachar and prepare yourself about upcoming trading sessions.
📌The Fed has increased the interest rate from 0.50 bps to 1% as per street expectations, due to which there was a decline in the global market. In India too, the stock market was under pressure due to RBI has increased the interest rate.
📌The European country is preparing to impose sanctions on Russian crude oil due to the Russia-Ukraine war, but due to this some countries of the European Union are objecting and OPEC countries have kept silent on this.
📌If there is a ban on crude oil and gas on Russia, then the prices of crude oil and natural gas will skyrocket, which will not have a good global effect. European countries depend on Russian crude oil and natural gas for more than 45% of the total consumption.
📌America has increased the interest rate and has increased the signals even further. Even after increasing the interest rates, America seems unable to bring inflation back to normal. Inflation is making it difficult to control the global situation. According to an article, if decisions are not taken quickly, the price of crude oil can go up to $400 per barrel.
📌Next week there is a meeting of OPEC members on Wednesday in which crude oil terms will be discussed. In this, it can be considered to increase the production of crude oil. The subject of Russia will also be taken seriously.
📌Dollar is taking resistance of 104. It is generally seen that gold and dollar move together two-thirds of the time, whereas people believe that they move opposite. Dollar and gold remain influential during a recession in the market, whose effect is also seen in silver. Base metal remains under pressure during bearish time but due to inflation, support is found at lower levels. There is pressure in the global stock market due to the rapid rise of crude, the pocket size of the common man are affected.
Trends in Gold and Silver
📌Support in gold is of 50300. We will do short selling in gold only when it closes below 50300 levels. If gold closes below 50300 then we can get to see 49500—49200 and then up to 48000 levels.
📌The resistance in gold is of 51600—52000. The bullish trend in gold will be seen only when it closes above 52000 levels.
📌Traders take risk and buy gold or mini gold around 50800. Place stop loss below 50300. The target will be seen up to 51600—52000 in the week.
📌There is pressure in silver. Support is of 62050—61500 in silver. Below 61500 in Silver, 60800—60300 and after that up to 58000 levels can be seen. Otherwise, the level of 63050—63800—64600 will be seen soon. Trade with caution.
📌Looking at the Gold-Silver ratio, gold has a strong hold than silver. It can be safe to buy gold and sell silver. The effect of rupee movement will also be seen. If Rupee breaks 77.25 then soon we will see levels up to 79 and 81.
Trends in base metal
📌Copper can see levels till 725—716, if breaks 750 mark. In copper, traders can buy in the range between 725—716 as a positional entry with stop loss below 680 on a closing basis. We can see target upto 755—780 levels. More upside rally we will see only when it closes above 780 levels.
📌The support of Lead is 179 and the resistance is 188. If lead closes below 179, levels up to 173 can be seen, otherwise it is expected to trade in a limited range. Positional buying will do around 173 with stop loss below 167 on a closing basis.
📌Base metal has a lot of volatility but zinc has the biggest range. Small traders/investors stay away from this commodity. Zinc looks weak below 321 and could test 313—308 and then up to 294 levels. Will do positional buying around 294 levels. Stop loss will be below 265 on a closing basis. The resistance is of 342.
📌Positional buying in aluminum will be done between 233—228 level. Stop loss will be below 208 on a closing basis. We can see targets up to 260—273.
Trends in Crude Oil and Natural Gas
📌There is a bullish trend in crude oil. It is expected to remain in a limited range for the next two to three days.
📌Crude oil has a resistance of 8600—8900 and support is 8350—8100—7800. Will not do trade by doing short selling. Will go long on a sharp decline in Crude oil prices.
📌Profit booking has been seen in Natural Gas after testing 690 levels. This week, we will stay away from natural gas for a big move and wait for new trend. Natural gas still has a bullish trend.
📌The support of natural gas is 590—560 and the resistance is 700. Momentum traders can buy around 590. Place the stop loss below 560 on a closing basis.