Gold and Crude Oil - July 8, 2022 - HDFC Securities

Posted On : 2022-07-09 10:30:11( TIMEZONE : IST )

Gold and Crude Oil - July 8, 2022 - HDFC Securities

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

Gold prices traded firm with spot gold prices at COMEX were trading marginal up near $1742 per ounce on Friday. Gold Aug future contract at MCX was flat near Rs. 50650 per 10 grams by noon session.

Gold prices have halted decline on mixed global cues and fall in US bond yields. The 10 year US Treasury yields were down at 2.98 by the noon trade. The stronger dollar has capped upside in the yellow metal for the day on data speculation. The market players will await for today's US Job market numbers and unemployment rate. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1720 and resistance at $1760 per ounce. MCX Gold Aug support lies at Rs. 50300 and resistance at Rs. 50900 per 10 grams.

Crude Oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.70% down near $102 per barrel. Crude oil prices pared early gains on dollar recovery and demand growth worries despite of tight supplies. Bans on Russian oil and gas output have driven global energy prices, while other producers are not able to boost significantly to supplies. Data from U.S. Energy Information Administration (EIA) showed on Thursday that U.S. Crude Oil Inventories rose by 8.2 million barrels in the week ended July 1. We expect crude oil prices to trade sideways to down with resistance at $98 per barrel with support at $95 per barrel. MCX Crude oil July contract has important support at Rs. 7680 and resistance at Rs. 8010 per barrel.

Source : Equity Bulls


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