Gold, Silver Prices Today: Commodity markets such as Gold, Silver and crude continue to be volatile. Whereas crude oil grew today by around 5 per cent amid OPEC (Organization of the Petroleum Exporting Countries) meet, Gold and Silver prices extended weakness intraday.

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Analysts predict that the lower global sentiment, rise in dollar index and higher bond yields are the factors driving the commodity market intraday and may continue in the near future.

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With the lot of international data coming in couple of days, Motilal Oswal Financial Vice President Navneet Damani recommends, "It's a good buying for Silver at current level. Rs 61,000 per kg should be the stop loss and 65,500-67,000/kg should be the target."

Meanwhile, Anand Rathi Securities Fundamental Analyst Jigar Trivedi sees good levels in Silver positionally, thought the sentiment across bullion market is timid amid fluctuations in global sentiment, dollar index and bond deals.

With respect to intraday silver trading, Trivedi recommends buying silver at Rs 62800 per kg with a target of Rs 62,300 per kg and stop loss of 63,000 per kg.

Being on bullish on commodity market, Choice International Senior Research Analyst Sunand Subramaniam says "Bearish movement only till Rs 62,000 per kg level in Silver. China, on other hand, posted positive factory activity data which could give boost to the commodity market."

Similarly for Gold, Damani expects that in the coming year,  Gold will get good strength at lower level, however, immediate reversal or buy is little difficult as the current market sentiment is selling. it has a quite good technical levels too and got breached at lower side.

"However, at medium term, Gold should be a buy call at Rs 44200-44700 per 10 gm, which is better range. Whereas a stop loss of Rs 43200 and target of 47000 target in next 3-6 months should be estimated," recommends Damani.

Trivedi points out Gold is under correction mood with respect to technical point of view. He adds, "Investment demand been constantly falling in gold market, Rs 43500-600 levels can be seen for the intraday. Gold should be sold at current level of Rs 44400 per 10 gm and Rs 44500 per 10 gm is the suggested stop loss."

Not being optimistic about the upcoming OPEC meet, Damani expects the oragnisation to maintain status-quo of last meeting and nothing incremental would be seen. The positivity in the prices is because of the scheduled OPEC meet."

Damani believes, $61-62 per barrel would be difficult for WTI to upside breach. He recommends the MCX crude be sold at Rs 4470-4480 level with a stop loss of Rs 4520 and the Rs 4400 level will be soon in Crude Oil commodity market.

Being bullish on the Crude Oil, Trivedi weighs in on WTI Crude till its above $61 per barrel. He expects it to trade at Rs 4480, while recommending one should go for long run with Rs 4440 stop loss and Rs 4550 target for intraday.

 

(Authored by Vaibhav Bansode)