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Commodity outlook by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls:
Commodities Outlook: Indian Rupee looks vulnerable against US Dollar. The twin shocks of country's trade deficit hitting $13.69 billion against 10.65 billion and exports dipping after a gap of four months in March is weighing the rupee. US Dollar Index did moderately bounced back above 89 levels but the undertone still looks weak. Indian Rupee has broken out of the trading range of 65.50-64.80. We expect Indian Rupee to depreciate further till 66-66.10.
Gold once again has come to test the resistance of $1355-1360. Although the fear that gripped
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