“Gold and silver saw gains in a subdued trading session leading up to the release of the FOMC monetary policy meeting minutes, coupled with China’s announcement of 5-year prime loan rate cuts aimed at bolstering the economy. (CRUDE OIL) Profit-taking in the dollar index and U.S. 10-year bond yields ahead of the FOMC meeting minutes further supported the upward trajectory of gold and silver prices. Following the release of hotter-than-expected U.S. inflation data, the market is eagerly anticipating insights from the FOMC meeting minutes regarding the potential timing of the first interest rate cut by the U.S. Federal Reserve in quite some time. Speculation suggests that the U.S. Fed may commence easing measures as early as June this year. Technical levels indicate that gold finds support at $2008-1996 with resistance at $2036-2048, while silver’s support lies within the range of $22.88-21.71, with resistance seen at $23.22-23.40. In terms of INR, gold has support at Rs 61,940-61,770, with resistance at Rs 62,350 and Rs 62,520, whereas silver is supported between Rs70,540-69,980, with resistance levels at Rs 71,850 and Rs 72,480.”
CRUDE OIL
“Crude oil exhibited significant volatility, once again plunging amid concerns over demand and increased U.S. oil inventories. Nevertheless, support emerged from China’s 5-year prime loan rate cuts and profit-taking in the dollar index, which helped stabilize crude oil prices at lower levels. Additionally, escalating conflict in the Red Sea, following an attack on an oil tanker by Houthi forces on Monday, contributed to market unease. The market is exhibiting caution ahead of the release of the FOMC meeting minutes. We anticipate continued volatility in today’s crude oil trading session, with support levels expected at $76.50–75.90 and resistance at $78.10-78.90. In terms of the INR, crude oil has support at Rs 6,360-6,290 and resistance at Rs 6,510-6,590.”
USD-INR
“The USD-INR 27 February futures contract experienced a significant downturn, breaching the 83.00 mark. Analysis of the daily technical chart reveals that the pair is currently trading below its moving average trend-line support level of 83.02, with the RSI indicating a reading below 50. Despite the negative trend, there is a notable positive divergence observed in the MACD indicator. However, the pair remains below the critical support level of 83.02. According to the daily technical chart, support levels are identified at 82.92-82.74, while resistance is anticipated at 83.15-83.28. Given the current technical setup, it is expected that the pair will continue to trade below the 83.02 support level, potentially fluctuating within the range of 82.74-83.38 throughout the week.”
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