Gold and Crude Oil - April 26, 2023 - HDFC Securities
Posted On:
2023-04-26 15:53:05 (Time Zone: IST)
By Mr. Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities.
Gold prices traded almost flat on Wednesday, with spot gold price at Comex was trading slightly down by 0.01% at $1995.0 per ounce. Gold June future contract at MCX was trading down by 0.15% at Rs 60170 per 10 grams by noon session.
Gold price was steady after gained in previous session that was driven by weak US macro data and worries over the global economy that are boosting its haven appeal. US consumer confidence dropped to the lowest since July this month, the index slipped to 101.3 from 104 in March. Also, a potential debt-limit fight in the US added support to yellow metal as safe haven buying. However further upside capped in precious metals as traders looking for more US macro data for direction in precious metal. Ahead of the US core personal consumption expenditures index, and GDP quarterly growth rate, due this week. Comex spot gold having supports at $ 1975/$1960 per ounce and resistances at $2005/$2017 per ounce. MCX Gold June future having supports at Rs 59700/59410 per 10 gram and resistance at Rs 60580 per 10 grams.
Crude Oil prices traded higher on Wednesday with benchmark NYMEX WTI crude oil was trading up by 0.55% at $77.60 per barrel. In previous session Crude oil prices dropped more than 2.0% as investors concern about demand recovery from US and a gloomy economic outlook elsewhere. However, today's recovery supported by bullish storage report from US private agency. U.S. private agency API reported a significant draw in crude oil stocks. U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21 against market had expected crude inventories to fall by about 1.5 million barrels.
We expect crude oil price should consolidate in range with positive bias, ahead of government storage report release later on day. NYMEX WTI Crude oil prices having resistances at $79.40/$81.00 per barrel and support at $75.80 per barrel for the day. MCX Crude Oil May future has support at Rs 6240 and resistance at Rs 6500.
