Gold & Crude Oil – December 9, 2021 – HDFC Securities

Commodities

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2021-12-09 20:54:59 (Time Zone: IST)

Mr Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices traded on the COMEX exchange, spot gold prices on Thursday were around $ 1,785 an ounce. February gold futures on the MCX traded at a profit margin of around Rs. 48101 by 10 grams by the midday session.

Gold prices traded in a steady range, trading above $ 1,780 an ounce on mixed global benchmarks, with the market awaiting US CPI data this week and a decision from the FOMC meeting in the US next week. The yield on the 10-year Treasury bonds remained close to their highest level since November 29, reached on Wednesday after the 10-year bond auction. We expect gold prices to trade sideways before advancing during the day, with gold spot support at $ 1,770 on COMEX and $ 1,800 an ounce resistance. MCX Gold February support is at Rs. 47800 and resistance at Rs. 48400 per 10 grams.

Crude oil prices are stable compared to the benchmark NYMEX WTI. Crude oil prices rose slightly to $ 72.41 a barrel during the day. December MCX oil futures were up around Rs. 5475 a barrel by the midday session.

Crude oil prices rose Thursday on confidence that the Omicron variant of the coronavirus will not affect global growth, even as some governments have tightened restrictions to stem its rapid spread. According to the US EIA, the week ended December 3 was 240,000 barrels. Crude oil prices declined slightly early in the afternoon session, suggesting some profit taking. Crude oil prices are expected to rise with resistance at $ 74 and support at $ 70 a barrel. MCX crude received support at the Rs. Level in December. 5380, resistance at Rs. 5580.

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