After a weak Thursday, commodities had been buying and selling blended on New Year Day amid holidays in international markets. Here is a take a look at how completely different commodities are behaving in right this moment’s market.
Bullion costs traded regular on Friday with spot gold costs at COMEX buying and selling close to $1895 per ounce, whereas spot silver costs had been buying and selling close to $26.33 per ounce within the digital commerce as international markets had been closed on account of New Year vacation. Bullion costs have saved range-bound buying and selling throughout the week on the dearth of necessary financial information and blended international cues. Lower volumes because of the vacation weekend might preserve bullion trades uneven for the day. We anticipate bullion costs to commerce sideways to up for the day.
Trading Strategy: MCX Gold February resistance for the day stood at Rs 50,400 per 10 gram, with help at Rs 49,800 per 10 gram. MCX Silver March help stood at Rs 67,500 per kg, resistance at Rs 69,800 per kg.
Outlook: Crude Oil
Crude oil costs traded flat with benchmark NYMEX WTI crude oil costs buying and selling at $48.44 per barrel in morning commerce. Crude oil costs held regular vary put up stock information as buyers and merchants kept away from taking massive positions forward of the New Year weekend. Crude oil costs are anticipated to commerce sideways for the day on international vacation.
Trading Strategy: MCX Crude Oil January help stood at Rs 3,470 per barrel with resistance at Rs 3,590 per barrel.
Outlook: Base Metals
Base metals costs traded weak with a lot of the metals being underneath strain as buyers squared off their positions for the 12 months finish. Worries over lockdown measures amid pandemic fears has pressured base metals costs. Base metals are anticipated to commerce sideways to down for the day amid holidays within the international market.
Trading Strategy: MCX Copper January help stood at Rs 592 and resistance at Rs 601. MCX Zinc January help stood at Rs 212 and resistance at Rs 217. MCX Nickel January help was at Rs 1,210 with resistance at Rs 1,250.