Gold, Silver, Crude, Base Metals

On Thursday, commodities prices were mixed. The cost of gold fell while the rest of the non-agricultural goods rose. Base metals held solid due to supply concerns, while crude oil increased due to geopolitical tensions.

On Friday, spot gold prices at the COMEX were near $1,799 per ounce, while spot silver prices at the COMEX were $25.10 per ounce. With rising US bond yields and a hawkish tone from the US Fed, precious metals experienced selling. The 10-year US Treasury yield has recovered to 1.20 per cent, up from 1.12 per cent on Thursday. On Friday evening, traders and investors will be looking at vital US payroll statistics. We anticipate that bullion prices will move sideways to down for the day.

For the day, gold October resistance is around Rs 47,800 per 10 gram, with support at Rs 47,200 per 10 gram. The MCX Silver September support level is Rs 65,500 per kilogram, while the resistance level is Rs 67,800 per kg.

Base metal

Prices for precious metals were solid on Friday, with most metals trading with a small gain. Base metals rose on the back of a weaker dollar and supply concerns in copper and aluminium.

The copper market is under threat from worker disruptions in the top-producing country. The world’s largest copper mine, Chile, has called for workers in Chile to be prepared to strike with only limited progress so far in mediated talks with owner BHP.

Trading Range-Silver

Following a highly tumultuous session on Wednesday, MCX silver prices fell on Thursday. It failed to go beyond the midline of the Bollinger band. It remained between the channel’s lower and middle bands, indicating trend weakness.

For Sep futures, the critical support is at Rs 65,700 (lower Bollinger band), with Rs 67,980 acting as the primary resistance. Meanwhile, the strength index (RSI) has climbed around 40 (41), hampered price recovery. So the price is predicted to move in the Rs 65,700-67,980 band for the day, with a moderate weaker tendency. Only a sustained advance over Rs 67,980 would bring fresh buying in Silver futures.