Comments on bullion and crude oil - Dec 6, 2022 - Mehta Equities

By Rahul Kalantri, VP Commodities, Mehta Equities Ltd

BULLION

Gold and silver prices traded sharply lower in evening trades on Monday after hitting multi-month highs in the morning session. Metal prices were hit by heavy profit taking from the shorter-term futures traders and bearish markets.

Gold has support at $1764-1754 while resistance is at $1788-1795. Silver has support at $22.20-21.96, while resistance is at $22.68-22.81. In INR terms gold has support at Rs 53,280-52,950, while resistance is at Rs53,650, 53,880. Silver has support at Rs64,550-63,980, while resistance is at Rs65,820-66,440.

CRUDE OIL

On Monday, crude oil prices were sharply lower and closed below $79.00 a barrel. The European Union and the U.K. have barred inbound shipments of crude oil from Russia and put a cap of $60 a barrel on EU companies. At a meeting over the weekend the OPEC oil cartel left its collective crude oil production unchanged.

Crude oil prices fell after U.S. service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path.

We expect crude oil prices to remain volatile in today's session. Crude oil is having support at $76.80-75.70 and resistance at $79.20-80.50. In INR terms crude oil has support at Rs6,310-6,220 while resistance is at Rs6,510-6,640.

Source : Equity Bulls

Keywords

Bullion Gold CrudeOil Commodities MehtaEquities