- Shanghai reports 9,006 new coronavirus cases, the biggest one-day increase
- On March 1, the U.S. Department of Energy
committed to releasing 30 million barrels of crude oil from the U.S.
Strategic Petroleum Reserve (SPR) to ensure an adequate supply of petroleum in
response to Russia's further invasion of Ukraine.
This will try to impact on Crude prices calm down & stay low at
least for short term. Which will effect on other commodity prices also
stay don a little bit. But crude prices won't sustain much longer on
- Indian rupee benefits from weak
oil prices and upbeat market mood.
- The Indian rupee is benefitting from falling oil prices and
a risk-on impulse amid de-escalation in the Russia-Ukraine war.
- Effect: 1 rs = 500 rs move in MCX Gold, As USDINR get stronger Gold remain Down even though COMEX gold move up.
Range: 51117 - 51900
Our Preference: Buy GOLD 51200 for target 51700 & 51900 with SL only below 51010
Alternative Scenario: Sell Gold 51950 with SL 52100+ for target 51400
51350 Buy with SL 70 point
51750 Sell with SL 80 point
Positional Trader will buy GOLD as per match with comex 1917$ future with back up buy 1890$ = 50750 in MCX
Range: 65200 - 68000
Our Preference: Buy Silver 65300+ for target 66900 with SL 65000
Alternative Scenario: Sell Silver 67600 with SL 67900 for target 65900
66900 Sell @ 1st stroke SL 200 point
65800 Buy @ 1st stroke SL 150 point
Positional trader will wait for Buy silver @ 65300 with back up buy 64300
per COMEX 23.63$ is the best price which mean MCX trader will start buy
exactly from 24$ around COMEX future trade & buy MCX