Page 5 - Commodity Trading
Bias for MCX Crude Oil seems positive, Natural Gas may remain volatile
The key support levels for the MCX Crude Oil and Natural Gas futures for the remainder of the week are Rs 8,545 and Rs 502.30, respectively.
 "Bias for MCX Crude Oil seems positive, Natural Gas may remain volatile")
Major hurdle for Gold seen at Rs 51,300; Silver awaits decisive move
Gold futures need to break above Rs 51,300 for fresh gains to emerge, on the downside break of Rs 50,300 can trigger a slide to Rs 49,400-odd level.
 "Major hurdle for Gold seen at Rs 51,300; Silver awaits decisive move")
MCX Crude Oil may drop to Rs 8,050; Natural Gas likely to bounce back
The MCX Crude Oil futures seem on course to test the 100-DMA around Rs 8,050-level; Select momentum oscillators on Natural Gas have hit oversold territory, thus a pull-back rally can be expected.
 "MCX Crude Oil may drop to Rs 8,050; Natural Gas likely to bounce back")
MCX Gold, Silver futures seem range-bound; Key levels to watch out
The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.
 "MCX Gold, Silver futures seem range-bound; Key levels to watch out")
MCX Crude Oil may test Rs 9,000-mark; Key hurdle for Natural Gas at Rs 590
The MCX Natural Gas futures can slide all the way towards its 100-DMA placed at Rs 485-level; Crude Oil prices may see share reaction on breakout of the Rs 9,000-9,700 expected trading band.
 "MCX Crude Oil may test Rs 9,000-mark; Key hurdle for Natural Gas at Rs 590")
US Treasury bonds storm eases slightly but bear market still on prowl
US Treasury bonds have stormed world markets until recently. They have now eased up a bit with other commodities finding ground. Bear market meanwhile is still prowling
 "US Treasury bonds storm eases slightly but bear market still on prowl")
Gold to remain bullish above Rs 51,600-level; Silver futures await breakout
The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.
 "Gold to remain bullish above Rs 51,600-level; Silver futures await breakout")
Export curbs, higher energy prices may spike trade deficit further in FY23
Revenues from the export of industrial metals would also take a hit from a decline in metal prices
 "Export curbs, higher energy prices may spike trade deficit further in FY23")
No sign of overcapacity yet as global commodity prices come off peaks
The exception is energy, which isn't dictated by liquidity conditions, but by decisions of the Opec-plus cartel, where plenty of other factors come into play
 "No sign of overcapacity yet as global commodity prices come off peaks")
Key trading levels to watch out on MCX Crude Oil, Natural Gas futures
The MCX Natural Gas futures are likely to trade with a bullish bias for the remainder of the week as long as prices sustain above Rs 709.50.
 "Key trading levels to watch out on MCX Crude Oil, Natural Gas futures")
Decisive move likely in MCX Gold this week; Silver futures may consolidate
The Rs 50,975-level is the pivot point for MCX Gold futures this week; Silver futures may trade in a broad range of Rs 60,165 to Rs 63,175 this week.
 "Decisive move likely in MCX Gold this week; Silver futures may consolidate")
Upside for MCX Crude Oil may be capped at Rs 9,200 for now
On the downside, the MCX Crude Oil futures may test support near Rs 8,600-level; Natural Gas futures are likely to consolidate with support seen at Rs 600-mark.
 "Upside for MCX Crude Oil may be capped at Rs 9,200 for now")
Upside seems capped for MCX Gold; Silver may consolidate in this range
The upside for MCX Gold June futures seem capped around Rs 51,400-level, while support is seen around Rs 50,670; Silver futures may consolidate in a broad range of Rs 58,480 to Rs 63,885.
 "Upside seems capped for MCX Gold; Silver may consolidate in this range")
A softer approach on commodities this time even as shortages loom globally
Unlike in the past, the Centre isn't restricting movement within the economy, but has only imposed export curbs. Consequently, there is no rush to use the Essential Commodities Act
 "A softer approach on commodities this time even as shortages loom globally")
MCX Natural Gas likely to test new highs; key levels for MCX Crude Oil
The MCX Natural Gas futures may test Rs 704 as indicated on the daily charts; the bias for the remainder of the week is likely to remain bullish as long as Natural Gas sustains above Rs 673.
 "MCX Natural Gas likely to test new highs; key levels for MCX Crude Oil")
MCX Gold, Silver: Upside seems capped; likely trading range for the week
The upside for MCX Gold June futures seem capped around Rs 51,500-odd level; while MCX Silver futures are likely to face strong resistance in the Rs 64,200 - 64,800 range.
 "MCX Gold, Silver: Upside seems capped; likely trading range for the week")
Bias remains negative for MCX Gold, Silver futures; Key levels to watch out
The MCX Gold futures may slide towards the 200-DMA at Rs 48,840 in the near term; while the broader trend indicates a downside target of Rs 53,000 for MCX Silver futures.
 "Bias remains negative for MCX Gold, Silver futures; Key levels to watch out")
Bias turns negative for MCX Crude Oil; Natural Gas futures may consolidate
The MCX Crude Oil futures may test Rs 7,540-odd level this week; while on the upside MCX Natural Gas May futures are likely to face resistance around Rs 590.
MCX Gold likely to consolidate; Silver futures trade with a negative bias
The MCX Silver July futures are currently trading below all its key moving averages; similarly, MCX Gold futures need to break above Rs 51,870 for further up move to emerge.
MCX Crude Oil futures seem range-bound; Bias positive for Natural Gas
The MCX Natural Gas May futures are likely to trade with a bullish bias in May as long as the commodity holds above Rs 576-level.
 "MCX Crude Oil futures seem range-bound; Bias positive for Natural Gas")
