The Indian and US stock markets are expected to sustain a positive trend accompanied with volatility until the 19th of July 2023. However, from the 20th of July 2023 (+/- 1 day), a trend reversal becomes a possibility.
Silver had a significant rally in the previous session –it crossed the key resistance at 25. Once it is above 25.30 then it can move up to 26. Gold made a high of 1967 in today’s Asian hours. Gold has support at 1950 and may move up to 1980.
For today’s session, Gold may move higher until 14.00-15.00 HRS. This shall be followed by a correction. Accumulate long position in Gold at the dip around US opening. From there, it may move higher. In the closing hour, a profit booking is possible. Gold is positive for next Monday.
Overall view remains bullish on precious metals.
Soybean/Mustard/Groundnut Oil shall witness an upward rally from the next week. A major uptrend shall be visible in Soybean and Mustard oil until August end. Sugar shall turn bullish from next week. From 25 July, a one-sided upward rally is indicated in Sugar until 15 September. Cotton shall also show positive trend from the next week until 9 August. 10-19 August shall be mixed for Cotton. Pulses shall exhibit an uptrend from next week until 27 August (this uptrend shall gradually amplify).