Commodity outlook by Tradebulls Securities: Buy crude, Sell lead

Commodity outlook and trading ideas by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls.

Indian rupee is following the Chinese Yuan. As soon as Chinese Yuan broke 7 levels against the US dollar, we saw accelerating depreciation in our Rupee. At present, we expect Rupee to test the levels of 72.20. Any respite in rupee may only come if Chinese Yuan sustains below 7.04. On the upside, we expect Chinese Yuan to test levels of 7.12.

Gold: We don’t expect gold to go anywhere this month. The range for gold is expected to be around $1,526-$1,485. The next trigger for gold would be rate cut from the US Feb this September. In the first