Gold import duty rose by 5%; Rumors circulating for Silver too

Due to the increase of 5% tax on gold by the Government of India, there was a jump in gold. Simultaneously, excise duty on petrol and diesel has also been increased. This is done to control the depreciating INR against the USD.

Fear of recession or beginning of recession?

📌The story of the economic slowdown is being fabricated from place to place. Everyone is scared of recession or talking about recession. But is a recession really coming?

Keep in mind that recession never comes by telling to anyone.😂

📌Ignore rumors. The market is not in a recession. There has been a decline in the stock market, but soon we will see an uptrend. The market is likely to improve soon.

📌The figures for the first week of the month are important. The US markets will be closed on Monday. Keep the focus on the Fed meeting minutes on Wednesday.

Trends in Gold and Silver

📌Support in gold is at $1784 and resistance is at $1840. If gold breaks the level of $1815 then take a risk and buy near $1802—$1798. Stop loss will be placed below $1784. We can see the target of $1826—$1840.

📌The fresh bearish trend in gold will see only below $1784. If gold closes below $1784, then we can see levels up to $1755—$1740. A bullish trend in gold will be formed only when it closes above $1840.

📌If Silver breaks the support level of $19.35, we can see levels up to $18.80—$18.40. It will not sell in silver in the range between $18.40—$16.90.

📌RSI in Silver stands at 22.50. Technical analysis believes that if the RSI trades below 20, the chances of a bullish trend may increase soon.

📌MCX Gold has support at 51500—50900—50400 and resistance are at 52200—53000. Volatility will remain to continue. Trade with caution.

📌Resistance in silver is 59000 and support is 57500. The bullish trend in silver will see if breaks above 59000. If silver breaks the support level of 57500 then we can get to see the downside target of 55000—54000 levels.

📌The volatility in gold and silver will continue. Do trade with levels. The market is directionless at this stage

Trends in base metal

📌The base metal has got a good fall. Base metal is trading near support.

📌Copper has the support of 670. If copper closes below 670 then we can see the target of 655—630.

📌But if copper closes above 688 then we can see 698—705 and then up to 713 levels. Be careful with the upper levels in copper. Do not follow a positional bullish trend for time being.

📌Lead has a support zone of 173—167 and resistance are 180. Trade in a limited range.

📌The support in zinc is 268. Zinc has shown signs of a continuation of the downtrend. To sell zinc, wait for a sharp inside rally till 288—296 levels.

📌If zinc closes below 268, then we can see targets up to 253—245 soon. The positional stop loss will be above 310.

📌Aluminum has a support of 205 and the resistance is 216. Targets up to 223—-229 can be seen if break above 216 levels in Aluminum.

📌If aluminum breaks the level of 205 then we can get to see 202—200 and then up to 188 levels. Trade with caution.

Trends in Crude Oil and Natural Gas

📌Crude oil will now trade between $101—$114 INR 7900—9000 levels. At present, the trend is not directional.

📌Levels will be seen on both sides in crude oil and traders will find it difficult to trade. It will be safe to trade at intraday levels for the next 8 days. Stay away from positional trades.

📌In natural gas, below 440, the target of 420—410, and after that up to 380 levels can be seen. Will not sell natural gas in the range between 420—380.

📌Positional traders can buy Natural Gas at 420. Add more lot around 380. Stop loss will be below 280. We can see targets up to 540—600.

INR Trend

📌Rupee continues to fall. Above 76, we have given targets up to 81. Due to the continuous selling of FIIs, the weakness in the rupee has also been seen. So far FII has sold more than 285000 crores.

📌If the rupee closes above 81, then we will get to see a move up to 84—86. For the time being, it seems difficult to break the 77 levels.

For data- Use Forex Factory

Regards,
Commodity Samachar