Monday 22 April 2019

Commodity Outlook: Gold, crude prices to gain more

Crude oil is expected to witness gains in futures trade on Tuesday, tracking positive global cues. 
Commodity Outlook

Global crude oil prices hovered near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, Reuters reported. 
Gold prices steadied but gains were capped by the dollar's rise against its global peers. 
How is the commodity play looking like? We bring you a report from brokerage SMC Global Securities. 
Bullion: Gold may test Rs 31,700 while taking support near Rs 31,500. Silver can test Rs 37,650 while taking support near Rs 37,300. 
Oilseeds: Soybean futures (May) is giving a lower closing for the last two weeks and the short covering may face resistance near Rs 3,750. Mustard futures (May) is likely to face resistance near Rs 3,810 and the upside may remain capped. Soy oil futures (May) is likely to rise towards Rs 740. CPO futures (May) will remain trapped in the range of Rs 543-551. 
Other commodities: Cotton futures (April) is expected to hover range bound within Rs 22,050-22,250. Chana futures (May) may trade with a negative bias and selling from higher levels may bring the counter down to Rs 4,350. We may see more downside in guar seed and guar gum futures (May) and it may test Rs 4,290-4,250 and Rs 8,600-8,550, respectively. 

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