11/24/2020 Commodity strategies: Gold, silver, crude, base metals - The Economic Times

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Business News › Markets › Commodities › Commodity strategies: Gold, silver, crude, base metals

Commodity strategies: Gold, silver, crude, base

metals
ET CONTRIBUTORS Last Updated: Nov 24, 2020, 11:49 AM IST
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Synopsis
Here is a look at how different commodities are behaving in today’s market.

Shutterstock.com
HDFC Securities
Tapan Patel

Commodity prices traded lower on Monday as

bullion witnessed a sell-o in the evening session,
Bullion prices traded lower in the while base metals traded lower on pro t booking.
morning trade on Tuesday.
Crude oil prices remained an exception by
COMMODITY extending gains on positive global cues. The dollar
SUMMARY index traded up on hopes of vaccine and smoother
MCX transition of White House administration, which
GOLD (04-Dec-2020) pressured bullion prices. Here is a look at how
48740.00 -740.00 (-1.50%)
di erent commodities are behaving in today’s
CRUDEOIL (18-Dec-2020) market.
3232.00 37.00 (1.16%)

SILVER (04-Dec-2020) Outlook: Bullion

59420.00 -1105.00 (-1.83%)
Bullion prices traded lower in the morning trade
on Tuesday, extending the decline on vaccine
hopes and Biden's White House transition as US President. Spot gold prices at
COMEX were trading near $1,824 per ounce to four-month lows, while spot
silver prices were trading nearly 1 per cent down at $23.38 per ounce on
Tuesday. Bullion prices traded under pressure after the University of Oxford
and AstraZeneca said their vaccine was found to have as much as a 90 per cent
e icacy rate in preventing infections without serious side e ects. Bullion
prices are expected to trade lower with breach of near-term support levels and
risk on investment sentiments.

Trading Strategy
Sell on rise in MCX Gold December. Resistance for the day lies at Rs 49,300 per

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11/24/2020 Commodity strategies: Gold, silver, crude, base metals - The Economic Times
IN THE SPOTLIGHT
10 gram, with support at Rs 48,500 per 10 gram. MCX Silver December support How Sushmita Sen broke
lies at Rs 58,000 per kg and resistance at Rs 61,500 per kg. stereotypes & inspired others

Outlook: Crude Oil

Crude oil prices traded higher on Tuesday as benchmark NYMEX WTI crude
WHAT'S YOUR MARKET
oil was trading up at $43.50 per barrel near the breakout levels. Crude oil SCORE?
gained on demand growth optimism over vaccine hopes from the Oxford-
QUESTION: 1/3 HIGHEST SCORE: 30
AstraZeneca trial results. The speculation ahead of OPEC plus meeting has 0
also kept crude oil prices up as the group may consider deeper cuts in January
2021. We expect crude oil prices to trade sideways to up for the day with Who is the current Chairman
positive global cues. of Sebi?

Subhash Chandra Garg

Trading Strategy
MCX Crude Oil December support lies at Rs 3,170 per barrel, with resistance at Ajay Tyagi
Rs 3,290 per barrel.
UK Sinha

Shaktikanta Das
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Outlook: Base Metals

Base metals traded mixed on Tuesday. Most of the metals continued to trade
Why follow tips? Choose your winners
in the upper range. Copper prices continued to trade strong after witnessing
rationally in 3 simple steps!
some correction in the previous trade. Nickel and Zinc prices traded rm on
START NOW
demand growth optimism and supply squeeze on higher demand. Base metals
are expected to trade positive on stimulus hopes after the US general services
administration paved way for Joe Biden to proceed with White House RELATED MOST READ | MOST SHARED

transition. The risk on sentiments on vaccine hopes will support base metals
Why gold ETF should be your preferred choice for
to trade higher with strong equity indices. gold buying this Diwali

Trading strategies for gold & silver

Trading Strategy
Trading strategies for gold and silver
MCX Copper December support lies at Rs 553 and resistance at Rs 563. MCX
Trading strategies for gold & silver
Zinc November support lies at Rs 212 and resistance at Rs 221.
Gold futures ease on low demand

Trading strategies for gold & silver

Kotak Securities
Ravindra Rao

MCX Gold
MCX Gold prices witnessed a sell-o and is currently trading below the lower
Bollinger bands, indicating a downward momentum. Immediate resistance
point is at Rs 49,500-49,800, while support is pegged at Rs 48,700. ATR
expansion suggests high volatility in price. Relative strength index (RSI) is at

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11/24/2020 Commodity strategies: Gold, silver, crude, base metals - The Economic Times

32.28, favouring bears over bulls.

Strategy: Sell MCX Gold Dec at Rs 49,200. Target price: Rs 48,700. Stop loss: Rs DISCOVER MUTUAL FUNDS
49,500.
All Mutual Top Tax Saver

MCX Silver Funds Funds

Following the trend in gold, sell-o in MCX Silver prices continued and closed
Better Than
below the major support of Rs 60,500. Immediate support is at Rs 59,600- Fixed
Low Cost High
Return Funds
Deposits
58,390, while resistance is placed at Rs 60,800-61,200. Relative strength index
(RSI) is at 42.68, supporting the bear case.

Strategy: Sell MCX Silver Dec at Rs 60,500. Target price: Rs 59,600. Stop loss:
Rs 61,000 Trending in Markets
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Also Read Replay

Why gold ETF should be your Trading strategies for gold & silver
preferred choice for gold buying this
Diwali

Trading strategies for gold and silver Trading strategies for gold & silver

Gold futures ease on low demand Trading strategies for gold & silver

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