Gold and Silver Under Pressure Due To Higher Treasury Yields

During the previous week in the COMEX market, prices of all the base metals such as Aluminum, Copper, Iron Ore, Lead and zinc rallied for the second week in a row as the bull sentiment remained intact in the commodity markets. As for precious metals Gold and Silver are concerned, both experienced a hit during the week, with Gold and silver losing 2.4% and 0.4% respectively, closing the week at $1,773.75 and $26.95 respectively.

Gold price touched 8 months low last week, weighed by the rise in US treasury yields and a strong dollar, and the Covid-19 vaccination drive. In the Indian markets, the fall in global rates and import duty cut in Budget has pushed gold prices lower. The investors’ appetite for riskier assets seems to have increased, due to which, they are moving towards more risky asset classes such as equities. Physical gold demand in the country has increased during the past week, due to fall in the prices.

Crude oil dipped during the last week, despite a sharp fall in US crude inventories, as the selling pressure weighed on the prices due to profit booking. Expectations of higher OPEC production, due to which, the supply is expected to increase, has also pressured the oil prices.

For the current week, gold and silver prices in global and domestic markets are expected to be highly volatile as the possibility of lockdown in some states of the country may weigh on the equity markets, which might make investors incline towards safe haven asset classes such as precious metals. However, the investors also need to look after some important economic data such as Fed Chair Powell’s Testification, US oil inventories and US Prelim GDP numbers. For the week, we expect gold in COMEX market to be in the range of $1,850 to $1,700, while silver is expected to be in the range of $26.0 to $27.9. Whereas, for bullion market traders, we assume gold futures to trade in the range of 44,879 to 48,174.

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Morning Market Insight Report – 23 Feb 2021

Bank Nifty Intraday Outlook

In Monday’s trading session, Bank Nifty lost 1.63%, with PSU and Private Banks losing 2.65% and 1.75% respectively.

We expect intraday range could be 34,709-35,757 with sideways to negative momentum & broader range could be expected between 34,413 to 36,054 zone for this week.

Nifty Intraday Outlook

In Monday’s trading session, Nifty lost 300+ points on the fears of another wave of lockdown in some states of the country.

We expect intraday range could be 14,401-14,896 with sideways to negative momentum while broader range could be 14,259 to 15,042.

Short and Long term moving averages

Daily market statistics

Major global & domestic economic events

Results Calendar

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