Bullions View
As per our view, bullion prices dropped in the previous session. Gold fell below 29,670, which was acting as a support level. However, silver prices are still trading above its multiple support of 37,850 levels.
If silver prices breach 37,850 levels, then it may drift lower towards the 37,600/37,400 mark. Failing to this could head silver prices towards the 38,200 level. Outlook for gold would remain bearish as long as the prices are trading below the 29,800 mark.
Energy View
Crude oil prices failed to move below the 4,600 mark and moved sharply up towards the 4,750 level. Further, we expect prices should continue to move up towards the 4,800 level going forward.
The momentum indicator, RSI has also inched above the 60 mark on hourly charts adding bullishness to the prices. Natural gas prices moved up in the previous session post inventories data, where prices gained around 2.5%. Outlook remains positive going forward.
Base Metals View
Metal prices remained volatile in the previous session, where initially prices headed higher followed by a decline in the second half. Zinc prices remained in trading range of 174–182, while nickel and copper traded flat.
We saw aluminum prices broke its support of 139.70 and closed below that. Going forward, aluminum should remain weak while zinc and copper should trade higher in the session to come.
No comments:
Post a Comment