Gold and Crude Oil - July 14, 2022 - HDFC Securities

Posted On : 2022-07-14 20:37:17( TIMEZONE : IST )

Gold and Crude Oil - July 14, 2022 - HDFC Securities

Mr. Tapan Patel, Senior Analyst - Commodities, HDFC Securities.

Gold prices traded lower with spot gold prices at COMEX fell by 1% at $1717 per ounce on Thursday. Gold Aug future contract at MCX was trading 0.70% down near Rs. 50441 per 10 grams by noon session.

Gold prices extended decline with expectations growing that the Fed could deliver a historic one percentage-point interest-rate hike later this month. The US CPI rose to 9.10% in June on year on year basis against 8.6% in May. The dollar index rallied by nearly 0.70% to 108.50 putting pressure on the yellow metal. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1715 and resistance at $1740 per ounce. MCX Gold Aug support lies at Rs. 50100 and resistance at Rs. 50700 per 10 grams.

Crude Oil prices traded lower with benchmark NYMEX WTI crude oil prices fell by more than 1% to $95 per barrel. Crude oil prices fell on Thursday as investors weighed tight supplies against the prospect of a large U.S. rate hike that could stem inflation and curb crude demand. U.S. oil inventories rose more than expected in a mild respite from the tightness in markets. U.S. commercial crude stocks rose by 3.3 million barrels, government data showed, versus expectations for a modest draw in stocks. We expect crude oil prices to trade sideways to down with resistance at $98 per barrel with support at $92 per barrel. MCX Crude oil July contract has important support at Rs. 7450 and resistance at Rs. 7850 per barrel.

Source : Equity Bulls


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