Gold Dips, Oil & Gas Surge

Commodities Heat Up: Gold Dips, Oil & Gas Surge

Markets are on edge as geopolitics takes center stage. 

Posted by Niilesh waghela 

Mumbai: Geopolitical tensions are driving wild swings in commodities this week. While gold pulled back from recent highs, crude oil and natural gas surged on fresh supply fears, keeping markets on edge.

It's a split screen in commodities today. Gold is cooling off, but oil and gas are heating up. As Middle East tensions rise, traders are bracing for more volatility ahead.

Gold

Comex Gold slipped to  $4,127/oz today after hitting a 2-week high of $4,166. Why? Middle East tensions pushed oil up, but traders are now eyeing next week’s Fed meeting for rate hike cues.  

On MCX, Gold futures opened lower and are holding above key 20-DEMA support at ₹1,44,267. Next resistance: ₹1,46,300.

Attributed: Aamir Makda, Commodity & Currency Analyst, Technical Research at Choice Broking_

Crude Oil

MCX Crude Aug contract gapped up to *₹8,552* and hit a 6-week high. Escalating US-Iran tensions + threats to Strait of Hormuz & Red Sea tanker traffic are fueling supply fears.  

Prices eased a bit after US inventories rose unexpectedly.  

Watch levels: Support at ₹8,075 – ₹8,200, Resistance at ₹8,650 – ₹8,740.

Natural Gas

Natural Gas opened higher at *₹285.80* as Middle East hostilities raise fears over Europe’s winter LNG supply. Equinor warned Europe may miss its 80% storage target.  

Watch levels: Resistance at ₹291.30,[50-DEMA]. Breakout = more upside. Support at ₹281 – ₹275.90.