Page 21 - Commodity Trading
Gold-Silver Price Today: Prices go down for a while - Monday, 1 August
Gold and Silver prices go down gradually. Chennai to be the most expensive to city to buy gold and silver.
 "Gold-Silver Price Today: Prices go down for a while - Monday, 1 August")
Despite pullback, MCX Gold, Silver futures face multiple hurdles ahead
The MCX Gold futures are likely to face resistance around Rs 51,670, while Silver futures may face hurdle at Rs 59,030.
 "Despite pullback, MCX Gold, Silver futures face multiple hurdles ahead")
Bias for MCX Crude Oil remains negative; 200-DMA is the key support
Meanwhile, the Natural Gas futures soared nearly 79 per cent in the last 15 trading sessions to a new high of Rs 760; the commodity could witness some profit-taking now.
 "Bias for MCX Crude Oil remains negative; 200-DMA is the key support")
Key levels: Gold needs to sustain above Rs 50,700; Silver above Rs 54,100
The MCX Gold futures seem to be taking support around the 200-DMA, on the upside sustained trade above the 20-DMA at Rs 50,700 can trigger a fresh rally.
 "Key levels: Gold needs to sustain above Rs 50,700; Silver above Rs 54,100")
Gold prices see slight rise of Rs 10, silver falls by Rs 300 in early trade
Silver, on the other hand, witnessed a fall of Rs 300 as compared to previous day's rate. One kg of silver is currently selling at Rs 55,600
 "Gold prices see slight rise of Rs 10, silver falls by Rs 300 in early trade")
Bias for MCX Crude Oil still negative; Upside seems capped for Natural Gas
The MCX Crude Oil futures are likely to trade with a negative bias as long as the commodity trades below Rs 8,200. Whereas, Natural Gas futures face near resistance around Rs 604.
 "Bias for MCX Crude Oil still negative; Upside seems capped for Natural Gas")
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.
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")