Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Gold prices traded firm with spot gold prices at COMEX were trading 0.28% up near $1827 per ounce on Tuesday. Gold Aug future contract at MCX were trading 0.47% up near Rs. 50889 per 10 grams by noon session.
Gold prices have held range bound trading on mixed global cues on slowdown worries and larger rate hike expectations from US FED. The weak equity indices and possible ban on Russian gold has capped downside in gold prices while dollar remained steady. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1810 and resistance at $1840 per ounce. MCX Gold Aug support lies at Rs. 50500 and resistance at Rs. 51200 per 10 gram.
Crude Oil prices traded higher with benchmark NYMEX WTI crude oil prices rose by more than 1% to $110.78 per barrel. Crude oil prices traded up amid tight supplies. But leaders of the Group of Seven (G7) nations vowed to add pressure to Russia while lowering energy prices. Members of the Organization of the Petroleum Exporting Countries and their allies including Russia, known as OPEC+, are likely to stick to a plan for accelerated oil output increases in August when they meet on Thursday. Libya might halt exports in the Gulf of Sirte area within 72 hours amid unrest that has restricted production. We expect crude oil prices to trade sideways to up with resistance at $112 per barrel with support at $108 per barrel. MCX Crude oil July contract has important support at Rs. 8610 and resistance at Rs. 8850 per barrel.