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  5. Commodity trade setup for November 13: Gold trades near crucial support; crude oil remains range-bound; check details

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Commodity trade setup for November 13: Gold trades near crucial support; crude oil remains range-bound; check details

Upstox
By Upstox News Desk

3 min read | Updated on November 13, 2024, 19:07 IST

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SUMMARY

According to the options data for the 15 November expiry, crude oil saw significant call placement at 6,000 and 5,800 strikes. This indicates that crude prices will face resistance around these levels. On the other hand, the 5,800 and 5,700 put also witnessed additions, pointing at range-bound movement around these levels.

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Commodities trade setup 13 Nov: Gold slips to crucial support, Oil prices remain range-bound

Market recap (as of 6:45 pm)

  • Gold 5 Dec Futures: ₹75,188/ 10 gram (▲ 0.3%)
  • Silver 5 Dec Futures: ₹90,205/ 1 kg (▲ 0.9%)
  • Crude Oil 19 Nov Futures: ₹5,778/ 1 BBL (▲ 0.03%)
Gold: The yellow metal is trading in green, with spot gold trading 0.30% higher at $2,614 an ounce. Gold is in recovery mode after falling to a near two-month low of $2,589.59 in the previous session, largely on the back of a rally in the U.S. dollar index.
Silver: Silver prices are also trading higher, up 0.84% at $30.99 an ounce in the spot market. Precious metals are trading higher ahead of release of the U.S. CPI inflation, due later in the day. Experts believe U.S. inflation is expected to remain sticky, with the reading likely to rise to 2.6% in October from 2.4% in September.
Crude oil: Oil prices rebounded today after hitting a two-week low on Tuesday. Brent futures were trading around $72.40 and WTI crude around $68.61, both up almost 1%. Oil prices rallied on signs of near-term supply tightness after the Organisation of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2024 and 2025.

OPEC said global oil demand would grow by 1.82 million barrels per day (bpd) in 2024, down from last month's forecast of 1.93 million bpd. This is largely due to weakness in China, the world's largest oil importer.

Technical structure

Gold: The Gold Futures of 5 December on the MCX is currently consolidating around the crucial support zone of 74,700 and is forming an inside candle on the daily chart. The broader trend of the yellow metal will turn bearish if it surrenders 74,700 on closing basis. Meanwhile, the resistance is visible at 77,000.
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Silver: The technical structure of the silver remains range-bound after a sharp fall. Currently, the price of 5 December Futures contract is consolidating between 20 and 200 exponential moving averages (EMAs). The trend may remain sideways until it breaks the below highlighted range of 88,200 and 94,000 on a closing basis.
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Crude oil: After a sharp fall below ₹5,900, crude oil is currently trading below its crucial 21 and 50 EMAs, indicating weakness. However, the broader trend remains range-bound, with resistance around ₹6,100 and support around ₹5,600. Unless the crude breaks this range with a strong candle, the trend may remain range-bound.
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Open interest

The open interest (OI) data for the 15 November expiry on MCX saw the highest call OI at 5,800 and 6,000 strikes, indicating resistance around these levels. Conversely, the put base was visible at 5,800 and 5,700 strikes, suggesting range-bound movement around these levels.

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Disclaimer:

Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for the client's consumption, and such material should not be redistributed. We do not recommend any particular stock, securities, or strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely to show how to do analysis. Take your own decision before investing.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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