Commodity costs traded optimistic on Thursday supported by weaker greenback as democratic candidate Joe Biden seemed set to win the White House race. Bullion costs traded greater with silver rallying essentially the most on stimulus hopes. Crude oil costs ended within the crimson on weak demand outlook whereas base metals stored buying and selling in a variety. The greenback index fell under 93-mark. shedding practically 1% for the day. Here is a take a look at how totally different commodities are behaving in at present’s market.
Bullion costs traded beneath stress in Friday morning, paring a few of the earlier session’s good points. COMEX spot gold costs traded close to $1,939 per ounce whereas spot silver costs at COMEX have been buying and selling close to $25.17 after gaining greater than 6% in earlier commerce. Bullion costs shed some good points after the US FED stored unfastened financial coverage whereas closing results of US elections have been but to return. The ETF holdings at SPDR gold shares fell to 1,252 tonnes regardless of of rally in costs. Bullion costs are anticipated to commerce greater awaiting key non-farm payroll in night session.
MCX Gold December
- Resistance for the day lies at Rs 52,200 per 10 grams
- Support at Rs 51,000 per 10 grams
MCX Silver December
- Support lies at Rs 60,800 per KG
- Resistance at Rs 63,000 per KG
Outlook: Crude Oil
Crude oil costs traded weak on Friday with benchmark WTI crude oil costs falling by greater than 2% to under $38 per barrel. Crude oil costs prolonged decline after Europe entered in new lockdown measures to curb rising Covid-19 instances. The weaker demand considerations took a toll on oil costs with over provide market situation. We count on crude oil costs to commerce in present vary with bearish bias for the day.
Trading Strategy: Sell on rise in MCX Crude Oil November
- Support at Rs 2,720 per barrel
- Resistance at Rs 2,860 per barrel
Outlook: Base Metals
Base metals costs traded weak on Friday on restoration in US greenback and demand progress considerations from Europe. Base metals costs have been range-bound awaiting closing consequence of US elections. Zinc costs fell from 17-month highs in LME on greater provide in China. Zinc costs at MCX have been much less affected and have been buying and selling marginally down in keeping with the general complicated. Base metals could hold sideways to down buying and selling for the day awaiting key information from US.
MCX Copper November
- Support lies at Rs 524
- Resistance at Rs 532
MCX Nickel November
- Support lies at Rs 1,140
- Resistance at Rs 1,170