Page 17 - Commodity Trading
MCX Gold futures trade near 200-DMA; Silver likely to test 200-WMA
The MCX Gold futures may test its support at the 200-DMA placed at Rs 49,750, while Silver futures may dip towards the 200-WMA placed at Rs 53,900-odd level.
 "MCX Gold futures trade near 200-DMA; Silver likely to test 200-WMA")
Key support for MCX Crude Oil at Rs 7,550; Natural Gas may be range-bound
The MCX Crude Oil futures has near support at Rs 7,550, below which it can slide towards the 200-DMA. Natural Gas need to sustain above the 20-DMA to maintain its positive bias.
 "Key support for MCX Crude Oil at Rs 7,550; Natural Gas may be range-bound")
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.
 "MCX Crude Oil futures may drop to Rs 7,100; Natural Gas in oversold zone")
MCX Gold futures can rally to Rs 53,150; Silver likely to decline further
Gold futures are likely to trade with a bullish bias as long as they hold above Rs 51,535 in the entire month of July; Silver futures could decline towards Rs 53,850.
 "MCX Gold futures can rally to Rs 53,150; Silver likely to decline further")
Bias for MCX Crude Oil seems positive, Natural Gas may remain volatile
The key support levels for the MCX Crude Oil and Natural Gas futures for the remainder of the week are Rs 8,545 and Rs 502.30, respectively.
 "Bias for MCX Crude Oil seems positive, Natural Gas may remain volatile")
Major hurdle for Gold seen at Rs 51,300; Silver awaits decisive move
Gold futures need to break above Rs 51,300 for fresh gains to emerge, on the downside break of Rs 50,300 can trigger a slide to Rs 49,400-odd level.
 "Major hurdle for Gold seen at Rs 51,300; Silver awaits decisive move")
MCX Crude Oil may drop to Rs 8,050; Natural Gas likely to bounce back
The MCX Crude Oil futures seem on course to test the 100-DMA around Rs 8,050-level; Select momentum oscillators on Natural Gas have hit oversold territory, thus a pull-back rally can be expected.
MCX Gold, Silver futures seem range-bound; Key levels to watch out
The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.
 "MCX Gold, Silver futures seem range-bound; Key levels to watch out")
MCX Crude Oil may test Rs 9,000-mark; Key hurdle for Natural Gas at Rs 590
The MCX Natural Gas futures can slide all the way towards its 100-DMA placed at Rs 485-level; Crude Oil prices may see share reaction on breakout of the Rs 9,000-9,700 expected trading band.
 "MCX Crude Oil may test Rs 9,000-mark; Key hurdle for Natural Gas at Rs 590")
US Treasury bonds storm eases slightly but bear market still on prowl
US Treasury bonds have stormed world markets until recently. They have now eased up a bit with other commodities finding ground. Bear market meanwhile is still prowling
 "US Treasury bonds storm eases slightly but bear market still on prowl")
Gold to remain bullish above Rs 51,600-level; Silver futures await breakout
The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.
Export curbs, higher energy prices may spike trade deficit further in FY23
Revenues from the export of industrial metals would also take a hit from a decline in metal prices
 "Export curbs, higher energy prices may spike trade deficit further in FY23")
No sign of overcapacity yet as global commodity prices come off peaks
The exception is energy, which isn't dictated by liquidity conditions, but by decisions of the Opec-plus cartel, where plenty of other factors come into play
 "No sign of overcapacity yet as global commodity prices come off peaks")
Key trading levels to watch out on MCX Crude Oil, Natural Gas futures
The MCX Natural Gas futures are likely to trade with a bullish bias for the remainder of the week as long as prices sustain above Rs 709.50.
 "Key trading levels to watch out on MCX Crude Oil, Natural Gas futures")
Decisive move likely in MCX Gold this week; Silver futures may consolidate
The Rs 50,975-level is the pivot point for MCX Gold futures this week; Silver futures may trade in a broad range of Rs 60,165 to Rs 63,175 this week.
 "Decisive move likely in MCX Gold this week; Silver futures may consolidate")
Upside for MCX Crude Oil may be capped at Rs 9,200 for now
On the downside, the MCX Crude Oil futures may test support near Rs 8,600-level; Natural Gas futures are likely to consolidate with support seen at Rs 600-mark.
 "Upside for MCX Crude Oil may be capped at Rs 9,200 for now")
Upside seems capped for MCX Gold; Silver may consolidate in this range
The upside for MCX Gold June futures seem capped around Rs 51,400-level, while support is seen around Rs 50,670; Silver futures may consolidate in a broad range of Rs 58,480 to Rs 63,885.
 "Upside seems capped for MCX Gold; Silver may consolidate in this range")
A softer approach on commodities this time even as shortages loom globally
Unlike in the past, the Centre isn't restricting movement within the economy, but has only imposed export curbs. Consequently, there is no rush to use the Essential Commodities Act
 "A softer approach on commodities this time even as shortages loom globally")
MCX Natural Gas likely to test new highs; key levels for MCX Crude Oil
The MCX Natural Gas futures may test Rs 704 as indicated on the daily charts; the bias for the remainder of the week is likely to remain bullish as long as Natural Gas sustains above Rs 673.
 "MCX Natural Gas likely to test new highs; key levels for MCX Crude Oil")
