Commodity outlook by Bhavik Patel of Tradebulls Securities: Buy Gold, Lead

Commodities Outlook and stock recommendation by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls Securities

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Market news: Dollar: The index has rallied to 2 years high limiting gains in Rupee. Low crude oil prices will help rupee but Chinese yuan has started depreciating against strong US dollar so gain in our rupee is limited. Despite strong recovery in Equity market and weak crude oil prices, Indian rupee weakened on account of a strong dollar. FII inflow is also expected because of the IRCTC IPO. For the week, Indian rupee is expected to trade in a range of 70.50-71.90.

Gold: We are short-term bearish on gold but very bullish for the long-term. Trump’s impeachment news is making investors flocking to safe haven US dollar. Geopolitical risk in Middle East has subsided so gold’s shine is fading. Gold is struggling because of a strong US dollar which is trading at 2 years high above 99. Next support for gold comes at $1450 and $1435 while in MCX Dec contract 36,680. Gold has managed to recover as it is trading above 20 and 50 day moving average. We said before that gold is positive as long as it is above $1504 as it...read more

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