Crude oil prices may correct more in short term if it breaks Rs 4,300 levels

Saudi Arabia, the second largest producer of crude oil to world, faced an attack on its oil infrastructure facilities on September 14, which caused a sharp increase in fuel prices. Do you know where petrol prices were the highest? Here's a list of the countries where petrol is the cheapest and most expensive. (Note: All price comparisons are on rupee terms only. Global rates as of September, 16 2019 - Image: Reuters)

Ashwani Kumar Harit

Crude Oil

Crude oil prices still maintained its pace to the higher side since last four trading sessions and still showing no sign of reversal at the moment. Rs 4,300 would be still a very important level downside where only a close below could be the sign of more downside over short term.

Gold

Gold prices saw some positive momentum during intraday on Friday and closed with upside bias that will likely to remain intact in the coming session also. We are expecting any decline in the prices at these levels could generate fresh buying opportunities for over short term where Rs 31,050 per 10 gm would be good levels to enter long.

Silver

Prices gained momentum on the higher side inline with the yellow metal prices and ended with a positive candle which might attract some more upside in the coming session. Rs 38,800 per kg will be the strong immediate support where fresh buying can be expected for short term and prices could further move upside near 39,200-39,250 for intraday on Monday.

Copper

Copper prices traded in a range between Rs 441-446 on Friday, though prices opened and sustained on the higher side but in the second half prices maintained its pace towards downside where a breach of the lower level Rs 442 would bring more selling pressure over short term.

Aluminium

Prices witnessed some profit taking at higher levels on Friday after rising for 5 earlier sessions. The counter is facing an immediate support at Rs 149 in the intraday charts, a breach with rising volumes of this levels to the downside will attract more selling pressure for the coming session and lower levels near Rs 145 can be expected.

Disclaimer: The author is Commodity Research Analyst, Share India. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.