Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Commodities

| More

Gold and Crude Oil - Sep 21, 2023 - HDFC Securities

Posted On: 2023-09-21 20:29:24 (Time Zone: IST)


By Mr. Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities

Gold prices fell on Thursday, with the spot gold price at Comex trading lower by 0.32% at $1924 per ounce. While the gold October future contract at MCX is trading lower by 0.75% at Rs 58955 per 10 grams.

Gold prices turned lower after the FOMC policy outcome. On Wednesday, the Federal Open Market Committee held its target range at 5.25% to 5.5%, while updated quarterly projections showed 12 of 19 officials favoured another rate hike in 2023. Policymakers also see less easing next year, according to the new forecasts. Higher interest rates are generally negative for non-yielding metals. Meanwhile, the dollar index surged to a fresh swing at 105.33, the highest level since March 9, which also weighed on gold prices.

Looking ahead, traders will take cues from more US macro data, including weekly jobless claims, the Philadelphia Fed manufacturing PMI data, and existing home sales due later today. From a technical perspective, Comex spot gold has strong resistance at $1945; until price trades below this level, traders should avoid buying. The MCX Gold October future has resistance at 59350 and support at 58960.0. A fall below the 58960 level will drag the price to the 58750 level.

Crude oil prices extended their fall as the Federal Reserve hinted that at least one more hike in interest rates may be necessary this year to combat persistent inflation, overshadowing signs of a tighter physical crude market. With benchmark NYMEX WTI crude oil trading lower by 0.55% at $88.70 per barrel against the previous close, Brent futures fell near $92.50 a barrel, dropping for a third day in the longest losing run in almost a month. The Fed's hawkish stance has put pressure on oil as well as other risky assets. Meanwhile, US inventories declined by 2.14 million barrels last week.

Technically, there is a short-term trend reversal in crude oil. A shooting star candlestick formation is seen on the daily chart, which is a bearish reversal pattern. We expect the crude oil prices to decline further in today's session. MCX crude oil October future has support at 7325 and resistance at 7480. NYMEX WTI Crude Oil has resistance at $90.70 and support at $87.50 for the day.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Gold and Crude Oil - October 3, 2023 - HDFC Securities

Gold and Crude Oil - Sep 25, 2023 - HDFC Securities

Gold and Crude Oil - Sep 22, 2023 - HDFC Securities

Gold and Crude Oil - Sep 1, 2023 - HDFC Securities

Gold, Crude Oil and Base Metal - Aug 28, 2023 - HDFC Securities

Gold and Crude Oil - Aug 25, 2023 - HDFC Securities

Gold and Crude Oil - Aug 23, 2023 - HDFC Securities

Gold and Crude Oil - Aug 22, 2023 - HDFC Securities

Gold and Crude Oil - Aug 16, 2023 - HDFC Securities

Gold and Crude Oil - July 28, 2023 - HDFC Securities

Gold and Crude Oil - July 26, 2023 - HDFC Securities

Gold and Crude Oil - July 20, 2023 - HDFC Securities

Gold and Crude Oil - July 18, 2023 - HDFC Securities

Gold and Crude Oil - July 11, 2023 - HDFC Securities

Gold, Crude Oil and Base Metals - July 10, 2023 - HDFC Securities

Gold and Crude Oil - 06 July 2023 - HDFC Securities

Gold and Crude Oil - HDFC Securities - 05 July 2023

Gold and Crude Oil - July 4, 2023 - HDFC Securities

Gold and Crude Oil - June 30, 2023 - HDFC Securities

Gold and Crude Oil - HDFC Securities - 28 June 2023

Gold, Crude Oil and Base Metals - HDFC Securities - 26 June 2023

Gold and Crude Oil - June 23, 2023 - HDFC Securities

Gold and Crude Oil - June 22, 2023 - HDFC Securities

Gold and Crude Oil - June 21, 2023 - HDFC Securities

Gold and Crude Oil - June 20, 2023 - HDFC Securities

Gold, Crude Oil and Base Metals - June 19, 2023 - HDFC Securities

Gold and Crude Oil - June 14, 2023 - HDFC Securities

Gold and Crude Oil - June 13, 2023 - HDFC Securities

Gold, Crude Oil and Base Metals - June 12, 2023 - HDFC Securities

Gold and Crude Oil - June 9, 2023 - HDFC Securities

Gold and Crude Oil - June 8, 2023 - HDFC Securities

Gold and Crude Oil - June 7, 2023 - HDFC Securities

Gold and Crude Oil - June 6, 2023 - HDFC Securities

Gold and Crude Oil - June 2, 2023 - HDFC Securities

Gold and Crude Oil - June 1, 2023 - HDFC Securities

Gold and Crude Oil - May 31, 2023 - HDFC Securities

Gold, Crude Oil and Base Metals - May 15, 2023 - HDFC Securities

Gold and Crude Oil - May 5, 2023 - HDFC Securities

Gold and Crude Oil - April 28, 2023 - HDFC Securities

Gold and Crude Oil - April 26, 2023 - HDFC Securities

Gold and Crude Oil - April 25, 2023 - HDFC Securities

Gold, Crude Oil and Base Metals - April 24, 2023 - HDFC Securities

Gold and Crude Oil - April 21, 2023 - HDFC Securities

Gold and Crude Oil - April 20, 2023 - HDFC Securities

Gold and Crude Oil - April 19, 2023 - HDFC Securities

Gold and Crude Oil - April 13, 2023 - HDFC Securities

Gold and Crude Oil - April 11, 2023 - HDFC Securities

Gold, Crude Oil and Base Metals - April 10, 2023 - HDFC Securities

Gold and Crude Oil - April 6, 2023 - HDFC Securities

Gold and Crude Oil - April 5, 2023 - HDFC Securities


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020