Commodity Picks

Silver rate today: Given the fact that industrial commodities are struggling, and tariff threats loom large, silver may struggle to extend its rally much further on a sustained basis

Silver trading strategy: Support is at $30 (Rs 90,200)/$29.60 (Rs 89,000). Resistance is at $31.10 (Rs 93,400)/$31.50 (Rs 94,600)/$31.85 (Rs 95,600)

Silver rate today: Silver is likely to do better than gold in the short-term in case Harris wins the presidential race

Crude oil strategy, Sept 12: WTI crude oil rice may fall to $65 in medium-term

How to trade silver today: Silver has been one of the weakest commodities this month as risk aversion continues to linger

Gold price today, August 7, 2024: Barring any major developments on the geopolitical front, gold may slide further

Buy MCX July Crude Oil futures at Rs 6,950-7,000 with a stop loss of Rs 6,860 and a price target of Rs 7,250

Crude oil strategy for June 20, 2024: WTI crude oil could test resistance of $85 over the medium term

Silver has come under renewed downside pressure as the US Federal Reserve delivered a hawkish pause in its monetary policy meeting that concluded on June 12

Silver strategy: Silver is expected to range trade ahead of the US CPI data (May) to be released today. A decisive breach of support at $28.84 may lead to additional sharp decline in the near-term

A soft US nonfarm payroll report will be positive for gold as it will increase the possibility of a rate cut happening as early as in July

COMEX silver inventory fell from 299.04 Moz to 298.46 MOz and remains at the highest level since January 2023

Silver at $30.12 was down over 2 per cent at the time of MCX closing as the corresponding MCX July contract at Rs 90305 was down 2.91 per cent on the day

Commodity trading: Copper prices have dropped 7 per cent since Monday's record high, with a significant intraday drop due to profit-taking

Crude oil outlook: Crude oil prices are expected to trade in a fairly tight range ahead of the key OPEC+ meet on June 1

Silver outlook by Sharekhan: The recovery in Silver prices has been driven largely by increasing probability of rate cuts by the US Federal Reserve

OPEC is expected to keep the supply tight to maintain the price stability at a time when demand is seen weakening

On the downside, the MCX Crude Oil futures have near support at Rs 7,205 and Rs 7,027 levels. Meanwhile, if Natural Gas futures sustain above Rs 492, they can rally past the Rs 535-level.

On the downside, near support for Gold futures seen at Rs 49,860, below which re-test of Rs 48,900-level seems likely; Silver futures face an uphill task of conquering multiple hurdles on the upside.

The bias for MCX Crude Oil September futures is likely to favour the bears as long as the commodity trades below Rs 7,170; For MCX Natural Gas futures the key support range of Rs 630 - Rs 620.