Gold and Crude Oil - June 24, 2022 - HDFC Securities
Posted On:
2022-06-24 21:58:54 (Time Zone: IST)
Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Gold prices traded firm with spot gold prices at COMEX were trading 0.33% up near $1828 per ounce on Friday. Gold Aug future contract at MCX were trading flat near Rs. 50590 per 10 grams by noon session.
Gold prices are struggling to find a way over dollar dominance and firm US bond yields. The commitment from US FED to tackle inflation has capped upside in the yellow metal. The weaker dollar has capped downside, was trading marginal down near 104.15 for the day. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1810 and resistance at $1840 per ounce. MCX Gold Aug support lies at Rs. 50200 and resistance at Rs. 50900 per 10 grams.
Crude Oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading over half a percent up near $104.89 per barrel. Crude oil prices traded sideways on Friday after briefly rising nearly $1 per barrel, as the market balanced fears of slower demand from cooling U.S. economic activity with supply uncertainty. Official weekly estimates for U.S. oil inventories were scheduled to be released on Thursday but technical problems will delay those figures until next week. We expect crude oil prices to trade sideways to down with resistance at $108 per barrel with support at $102 per barrel. MCX Crude oil July contract has important support at Rs. 8010 and resistance at Rs. 8350 per barrel.
