Gold and Crude Oil - June 7, 2022 - HDFC Securities

Posted On : 2022-06-07 20:26:19( TIMEZONE : IST )

Gold and Crude Oil - June 7, 2022 - HDFC Securities

Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with spot gold prices at COMEX were trading 0.23% up near $1844 per ounce on Tuesday. Gold Aug future contract at MCX were trading 0.12% down near Rs. 50808 per 10 grams by noon session.

Gold prices kept firm trading range as traders and investors are waiting line of economic data this week including ECB policy decision and US inflation data. However, stronger dollar and surge in US bond yields have capped upside in the yellow metal. The 10 year US treasury yields rose above 3% on Tuesday lowering demand for gold. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1830 and resistance at $1860 per ounce. MCX Gold Aug support lies at Rs. 50500 and resistance at Rs. 51000 per 10 gram.

Crude Oil prices traded higher with benchmark NYMEX WTI crude oil rose by 0.52% to $119.10 per barrel. Crude oil prices were up on Tuesday over expectations of demand recovery in China and doubts about higher output targets from the Organization of the Petroleum Exporting Countries and allies (OPEC+). Top oil exporter Saudi Arabia raised July's official selling price to Asia by $2.10 from June for its flagship Arab Light crude, just off an all-time peak recorded in May. We expect crude oil prices to trade up with resistance at $123 per barrel with support at $115 per barrel. MCX Crude oil June contract has important support at Rs. 9150 and resistance at Rs. 9380 per barrel.

Source : Equity Bulls


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