Page 17 - Commodity Trading
MCX Gold futures could test Rs 65,000-mark on the upside, chart suggests
Gold futures are up 12 per cent so far this year, and have gained 132 per cent in the last eight years. Chart suggests that bias is likely to remain favourable as long as Gold trades above its 20-MMA.
 "MCX Gold futures could test Rs 65,000-mark on the upside, chart suggests")
Fall in commodity, energy prices fuels India Inc's Q2FY24 earnings
Analysts say gains from margin expansion have peaked for now
 "Fall in commodity, energy prices fuels India Inc's Q2FY24 earnings")
MCX gains 5%, hits record high on Sebi's nod to launch new trading platform
Approval from regulator remains positive for MCX as it will enable the launch of more products
 "MCX gains 5%, hits record high on Sebi's nod to launch new trading platform")
Gold prices can fall another 10% from here on; check key support levels
The MCX Gold December futures seem headed towards the 100-WMA (Weekly Moving Average) which stands at Rs 54,150 level; below which the next target shall be the 200-WMA.
 "Gold prices can fall another 10% from here on; check key support levels")
MCX slips 9% as Sebi stops launch of new commodity derivative platform
Sebi has asked MCX to put on hold the proposed plan to launch its new commodity derivatives platform (CDP) planned for next week
 "MCX slips 9% as Sebi stops launch of new commodity derivative platform")
Gold rallies to Rs 60,000, silver prices appreciate to reach Rs 77,600
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,150, Rs 60,000, and Rs 60,330, respectively
 "Gold rallies to Rs 60,000, silver prices appreciate to reach Rs 77,600")
Gold needs to clear this hurdle for sentiment revival, shows chart
The MCX Gold October futures need to overcome the resistance at Rs 59,930, for fresh buying to emerge, indicates technical chart.
 "Gold needs to clear this hurdle for sentiment revival, shows chart")
Gold price unchanged at Rs 60,750, silver prices at Rs 78,400 per kg
The price of ten grams of 22-carat gold was Rs 55,700, the same as Thursday
Nifty Energy, Commodity indices show bearish trends on charts
In such a scenario, traders can benefit by adopting a selling strategy, particularly when the index rallies
 "Nifty Energy, Commodity indices show bearish trends on charts")
Natural gas faces hurdle at Rs 195; can rally up to 33% thereafter
In case, the MCX Natural Gas futures manages to conquer the Rs 195 hurdle, a sharp rally towards Rs 260 - 300 seems likely.
 "Natural gas faces hurdle at Rs 195; can rally up to 33% thereafter")
Gold rally may take a breather, support at Rs 59,750 holds key
The MCX Gold June futures could dip to Rs 58,300 or lower, in case the support at Rs 59,750 gets violated; Pivot point for Silver is Rs 74,850.
Gold could test Rs 66,500, Silver Rs 85,000 in FY24, charts suggest
MCX Gold is likely to trade with a bullish bias this April as long as prices sustain above Rs 59,800; Pivot point for Silver is Rs 73,800.
Crude Oil rallies as OPEC+ cuts output; Trend reversal unlikely hint charts
On Monday, the MCX Crude Oil futures were seen trading above the 100-DMA for the first time in more than six months. Sustained trade above Rs 6,350 can help the trend turn favourable for Crude Oil.
 "Crude Oil rallies as OPEC+ cuts output; Trend reversal unlikely hint charts")
MCX Crude Oil may break Rs 5,000-mark; Natural Gas remains weak
The MCX Crude Oil futures seem on course to test the 200-WMA placed at Rs 5,000. However, given the indications from momentum oscillators, the commodity may break the support level.
 "MCX Crude Oil may break Rs 5,000-mark; Natural Gas remains weak")
Bias turns positive; Gold may rally towards Rs 58,700, Silver Rs 70,000
The near term bias for MCX Gold April futures is likely to remain bullish as long as the commodity sustains above Rs 57,100.
 "Bias turns positive; Gold may rally towards Rs 58,700, Silver Rs 70,000")
MCX Crude Oil may soon breakout; Bias negative for Natural Gas below Rs 224
The anticipated trading band for the MCX Crude Oil futures has got narrower to Rs 6,180 - Rs 6,660. Broader trend for Natural Gas remains weak as the commodity trades below 200-WMA.
 "MCX Crude Oil may soon breakout; Bias negative for Natural Gas below Rs 224")
MCX Gold, Silver futures likely to exhibit range-bound trade
The MCX Gold futures may test near term-resistance around Rs 56,170 - Rs 56,250; whereas, Silver futures may test Rs 64,930 - Rs 65,300.
 "MCX Gold, Silver futures likely to exhibit range-bound trade")
MCX Crude Oil range narrows; Natural Gas up 39% from lows; what next?
The Bollinger Bands suggest a likely trading range of Rs 6,070 - Rs 6,650 for the MCX Crude Oil futures; whereas, Natural Gas futures need to sustain above Rs 231 for the pullback to continue.
 "MCX Crude Oil range narrows; Natural Gas up 39% from lows; what next?")
MCX Gold likely to test Rs 54,000-level; Silver can dip to Rs 61,200
In case of a pullback, the immediate resistances for Gold and Silver futures are placed at Rs 56,050 and Rs 64,580, respectively.
MCX Crude Oil remains range-bound; bias can turn positive above Rs 6,465
On the flip side, in case, Crude Oil futures break the support at the lower-end the commodity could dip below the Rs 6,000 mark.
 "MCX Crude Oil remains range-bound; bias can turn positive above Rs 6,465")