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.
The overall bias for Crude Oil remains negative, however, select momentum oscillators have turned positive on the daily chart. Natural Gas futures could see sharp directinal moves, hints ADX indicator