Commodity outlook and recommendation by Tradebulls Sec: Buy Gold, Copper

The crude oil situation has made investors running for cash and dumping commodities

Indian rupee has pulled back around 76 levels after touching all time low near 77 in April Future contract. RBI’s measure and government’s initiatives are helping rupee to find some footing but our currency is still vulnerable as Covid-19 cases are increasing in India. Any extension from lockdown will severely affect already struggling economy and we may see rupee depreciation accelerating. Crash in the energy market is having a spillover effect in other commodities and there is a mad dash to buy US dollar which is putting pressure on our currency. The rupee is finding resistance around 77.06 and upside