Bullion, Crude Oil and Currency - Feb 21, 2023 - Mehta Equities Ltd

Rahul Kalantri, VP Commodities, Mehta Equities Ltd

BULLION

Gold and silver traded in a tight range on Monday after last week's fall. The U.S. markets were closed on Monday and the dollar index also traded in a range. Market is waiting for more clues from the U.S. Fed. This week's speech of the U.S. Fed officials could give more clarity on the U.S. Fed rate hikes in its next month's policy meetings. Rising geopolitical tensions could provide critical support for gold and eventually push bullion prices higher.

We expect gold and silver to remain volatile in today's session. Gold has support at $1828-1819 while resistance is at $1852-1864. Silver has support at $21.55-21.35, while resistance is at $21.98-22.15. In INR terms gold has support at Rs 55,980-55,810, while resistance is at Rs56,520, 56,700. Silver has support at Rs65,150-64,520, while resistance is at Rs66,190-66,580.

USD-INR

The USDINR 24 February futures contract traded in a tight range. As per the daily technical chart, we observed that the pair is trading above its trend-line support level of 82.65 and RSI is fetching above 60 levels. Looking at the technical set-up, MACD is showing positive divergence but the pair is facing steep resistance at higher levels. The pair is stuck in a range of 82.50-83.10 and only either side breakout of this range could give further directions; support is at 82.50-82.30 and resistance at 83.10-83.30. We suggest closely watching the range of 82.55-83.10 in today's session for taking fresh positions in the pair, either side breakout of the range could give further directions.

Source : Equity Bulls

Keywords

Bullion CrudeOil Currency MehtaEquities