Commodity Picks
Trading strategy today: Silver may test support of Rs 76,200 in near-term
How to trade silver today: Silver has been one of the weakest commodities this month as risk aversion continues to linger
 "Trading strategy today: Silver may test support of Rs 76,200 in near-term")
Gold to stay volatile amid Yen unwinding; Sharekhan shares trading strategy
Gold price today, August 7, 2024: Barring any major developments on the geopolitical front, gold may slide further
 "Gold to stay volatile amid Yen unwinding; Sharekhan shares trading strategy")
Crude Oil, Copper: Check trading strategy, target price and more
Buy MCX July Crude Oil futures at Rs 6,950-7,000 with a stop loss of Rs 6,860 and a price target of Rs 7,250
 "Crude Oil, Copper: Check trading strategy, target price and more")
WTI crude oil to stay rangebound within $78-$83; check strategy for June 20
Crude oil strategy for June 20, 2024: WTI crude oil could test resistance of $85 over the medium term
Silver: Outlook bearish in short term on rate cut delays; details here
Silver has come under renewed downside pressure as the US Federal Reserve delivered a hawkish pause in its monetary policy meeting that concluded on June 12
 "Silver: Outlook bearish in short term on rate cut delays; details here")
Silver outlook, June 12: Trend weak; US Fed outcome, CPI data next triggers
Silver strategy: Silver is expected to range trade ahead of the US CPI data (May) to be released today. A decisive breach of support at $28.84 may lead to additional sharp decline in the near-term
Soft US jobs data may push Gold to Rs 74000; check today's trading strategy
A soft US nonfarm payroll report will be positive for gold as it will increase the possibility of a rate cut happening as early as in July
 "Soft US jobs data may push Gold to Rs 74000; check today's trading strategy")
Limited downside seen in Silver, support placed at Rs 93,100: Sharekhan
COMEX silver inventory fell from 299.04 Moz to 298.46 MOz and remains at the highest level since January 2023
Hawkish Fed may drag Silver towards Rs 88,500; here's your trading guide
Silver at $30.12 was down over 2 per cent at the time of MCX closing as the corresponding MCX July contract at Rs 90305 was down 2.91 per cent on the day
Commodity play book: Sell May Copper futures, Buy June Oil futures
Commodity trading: Copper prices have dropped 7 per cent since Monday's record high, with a significant intraday drop due to profit-taking
 "Commodity play book: Sell May Copper futures, Buy June Oil futures")
Crude oil to trade in narrow range ahead of Opec meeting; check key levels
Crude oil outlook: Crude oil prices are expected to trade in a fairly tight range ahead of the key OPEC+ meet on June 1
 "Crude oil to trade in narrow range ahead of Opec meeting; check key levels")
Silver in uptrend as US yields dip, may hit Rs 85,000-mark on MCX
Silver outlook by Sharekhan: The recovery in Silver prices has been driven largely by increasing probability of rate cuts by the US Federal Reserve
Market expects crude oil prices to recover; adopt buy-on-dip strategy
OPEC is expected to keep the supply tight to maintain the price stability at a time when demand is seen weakening
 "Market expects crude oil prices to recover; adopt buy-on-dip strategy")
Upside for crude oil capped at Rs 7,700; Natural Gas faces hurdle at Rs 492
On the downside, the MCX Crude Oil futures have near support at Rs 7,205 and Rs 7,027 levels. Meanwhile, if Natural Gas futures sustain above Rs 492, they can rally past the Rs 535-level.
 "Upside for crude oil capped at Rs 7,700; Natural Gas faces hurdle at Rs 492")
Bias negative for MCX Gold below Rs 50,500; Silver faces multiple hurdles
On the downside, near support for Gold futures seen at Rs 49,860, below which re-test of Rs 48,900-level seems likely; Silver futures face an uphill task of conquering multiple hurdles on the upside.
 "Bias negative for MCX Gold below Rs 50,500; Silver faces multiple hurdles")
Bias negative for MCX Crude Oil; Natural Gas may slide below Rs 500-mark
The bias for MCX Crude Oil September futures is likely to favour the bears as long as the commodity trades below Rs 7,170; For MCX Natural Gas futures the key support range of Rs 630 - Rs 620.
 "Bias negative for MCX Crude Oil; Natural Gas may slide below Rs 500-mark")
MCX Crude Oil has to hold above Rs 7,350; Natural Gas may see sharp moves
The overall bias for Crude Oil remains negative, however, select momentum oscillators have turned positive on the daily chart. Natural Gas futures could see sharp directinal moves, hints ADX indicator
 "MCX Crude Oil has to hold above Rs 7,350; Natural Gas may see sharp moves")
Short-term trend for MCX Gold turns positive; Silver remains negative
This week, the MCX Gold October futures could consolidate in the range of Rs 51,150 to Rs 52,870; Silver futures need to break above Rs 58,835 for gaining strength.
 "Short-term trend for MCX Gold turns positive; Silver remains negative")
Broader outlook for Gold remains bullish; Silver can pull-back to Rs 59,250
The MCX Gold futures need to cross and sustain above Rs 51,350 to regain upward momentum; Silver futures has near support at Rs 56,100.
 "Broader outlook for Gold remains bullish; Silver can pull-back to Rs 59,250")
MCX Crude Oil futures may drop to Rs 7,100; Natural Gas in oversold zone
The MCX Crude Oil has near support at Rs 7,740, below which it can slide towards the 200-DMA at Rs 7,100. Natural Gas may test Rs 410-odd level, while a bounce to Rs 500-odd level cannot be ruled out.
