Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Gold prices traded weak with spot gold prices at COMEX were trading down near $1815 per ounce on Thursday. Gold Aug future contract at MCX were trading 0.07% down near Rs. 50692 per 10 grams by noon session.
Gold prices are stuck in the narrow range on mixed global cues. Prices are not budging from current range over FED hike expectations and slowdown fears. The dollar index and US bond yields were also steady post US GDP numbers. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1800 and resistance at $1830 per ounce. MCX Gold Aug support lies at Rs. 50400 and resistance at Rs. 50900 per 10 gram.
Crude Oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.46% down near $109.33 per barrel. Crude oil prices edged lower in volatile trading on Thursday as the market weighed concerns of global supply and a build in U.S. fuel product inventories. U.S. gasoline and distillate stockpiles climbed as refiners ramped up activity, operating at 95% of capacity, the highest for this time of year in four years. We expect crude oil prices to trade sideways to down with resistance at $112 per barrel with support at $107 per barrel. MCX Crude oil July contract has important support at Rs. 8550 and resistance at Rs. 8850 per barrel.