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Monday, 22 May 2017

Latest Commodity Updates - Expert View

Benchmark indices continued to trade in a range after seeing a gap up opening, with the Nifty above 9450 mark. The Sensex gained 136.76 points at 30601.68, while the Nifty hiked28.25 points at 9456.15. The market breadth was negative as just 1,098 shares advanced against a decline of 1,322 shares, while 171 shares were unchanged.

In Commodity market, Gold jumped up 25 points at 28,660 and Silver rose 195 points at 39,306.Crude oil prices higher on this week in the run-up to the OPEC meeting on Thursday. Indications are that all members are on board to extend the output cuts by another nine months. Non-OPEC side, Turkmenistan and Oman have extended support to the output cut extension.

Base metals are positive close on Friday, dollar weakness cushioned prices, but Chinese demand outlook saw traders cutting exposure. Base metals slumped as the political crisis in the U.S. threatened to delay the infrastructure spending plans and tax cuts that President Trump has promised.  

Commodity Tips By Expert
Buy Silver Jul in the range of 39200-39230 Targets 39500 / 39800 Stop loss 38700.  

Expert View: Technically silver is buying on hourly/daily charts while MACD and RSI also indicate good buying opportunity in it. So, traders should go for buy on lower level strategy.