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Commodities
Gold and Crude Oil - 22 March 2023 - HDFC Securities
Posted On : 2023-03-22 21:32:02( TIMEZONE : IST )
Gold prices traded flat to positive on Wednesday, with spot gold prices at Comex were trading up by 0.05% at $1941 per ounce. Gold April future contract at MCX were trading higher by 0.20% at Rs 58725 per 10 grams by noon session.
Comex spot gold prices steady on today's session after prices has corrected more than 3.0 % from its recent peak of $2010 per ounce in last two sessions as fear of banking crisis eased and Inventors trim their position before Federal Reserve Policy outcome later on today. Markets are pricing in about a roughly 86% chance of a 25-basis point hike on today's Federal Reserve meeting, however investor focus will be on Fed forward policy guidance and economic projection which could trigger volatility in yellow metal. Gold physical demand continued support bullish sentiment recent data showed 32% increase in Swiss gold exports last month with a large amount of those export going to China. We expect before the Fed policy meeting outcome Comex spot gold prices should consolidate within range of $1919 -$1955 per ounce. Comex spot gold having supports at $ 1919/1905 per ounce and resistance at $1955/$1980 per ounce. MCX Gold Apr future having supports at Rs 58080/57700 per 10 gram and resistances at Rs 59060/59340 per 10 grams.
Crude Oil prices retreated on Wednesday paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening. With benchmark NYMEX WTI crude oil were trading down by 0.60% at $69.10 per barrel. Crude oil prices posted their biggest declines in months last week, after high-profile U.S. bank failures and crisis at Europe's Credit Suisse. Looking forward, traders will be looking out for data from the U.S. Energy Information Administration due later on today to see whether it confirms signs of weaker crude demand.
We expect Crude oil prices resume down trend as price face strong resistance at $70.40 and selling pressure will see around this resistance area. NYMEX WTI Crude oil prices face resistance at $70.40 per barrel and support at $65.80 per barrel. MCX Crude Oil April future having supports at Rs 5540 and resistance at Rs 5900 for the day.
