Crude Oil - Dec 17, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading with gains on Thursday morning and early afternoon in Asia, supported by a surprise drop in U.S. crude oil supply.
Hopes that the U.S. Congress will pass the latest stimulus measures also lent support.
However, upside remained capped as most nations in Europe and select states in the U.S. are imposing restrictions to curb the spread of Covid-19 and could dent demand for the fuel.
Technically, WTI Crude Oil has given a breakout above $48.00 levels further upside rally could be seen up to $48.80-$49.60 levels. Support is at $47.90-$47.10 levels.
Silver - Dec 17, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and domestic silver prices are trading in the green in Thursday morning and early afternoon trade, tracking firm gold and a weak U.S. Dollar.
Silver has been outperforming gold over the last 3 sessions. The Gold-Silver ratio is at 73.35 this Thursday. On Tuesday, the ratio was at 76.60.
Technically, LBMA Silver Spot has given a breakout of the falling trend line and is trading above 100-DMA where further could see $26.06-$26.99 levels. Support at $25.40-$24.70 levels.
Technically, MCX Silver March has given a breakout of Rising trend line and is trading above 100- DMA which is at 64450 levels above which will continue its bullish momentum up to 68300-7000 levels. Support is at 65500-64300 levels.
Silver - Dec 16, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and domestic silver prices were up by over 1% this early Wednesday afternoon trade tracking gains in gold and weakness of the U.S. Dollar.
Technically, LBMA Silver Spot is trading above 21 as well 50-DMA where further could see $25.06-$25.99 levels. Support at $24.40-$23.70 levels.
Technically, MCX Silver March has given a breakout above 100-DMA which is at 64400 levels above which will continue its bullish momentum up to 65900-66200 levels. Support is at 64500-63300 levels.
Strategy for Silver March will be Buy above 65000-65050 SL 64300 TGT 66400.
Gold - Dec 16, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading with small gains in early Wednesday afternoon in Asia supported by hopes that the U.S. stimulus measures could be passed this week.
Additionally, the U.S. Dollar continued to struggle near its 2 year lows and lifted sentiments.
Upside was capped as the rapid progress in COVID-19 vaccine rollouts sparked hopes for a quick economic recovery.
Meanwhile, investors will be awaiting fresh cues from the Federal Reserve s policy decision.
Technically, LBMA Gold Spot is trading on a positive note above the 21-DMA at $1835 levels. Further upside it could see $1864-$1871 levels. Support is at $1847-$1839 levels.
Rupee - Dec 16, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee ended with marginal gains against the U.S. currency on Wednesday tracking the weakness of the dollar index and foreign fund inflows.
The Rupee ended at 73.57 to the dollar compared with 73.64 in the previous session.
The Dollar Index was down 0.32% at 90.18 this Wednesday afternoon trade in Asia lingering near its lowest level in over two years ahead of the Fed s policy review tonight where the U.S. central bank could provide forward guidance on asset purchases.
Meanwhile, risk appetite improved in the market amid reports of progress on reaching a deal on the coronavirus relief bill in the U.S. House of Representatives.