Ananya Source: AFP
Silver Forecast and Target Price: Spot silver (White Metal) prices today broke out to fresh monthly highs, surging beyond Tuesday’s highs in the $24.30 per troyounce area to hit the $24.50 mark, boosted asfears of a Russian invasion into Ukraine rose. At current levels near highs of theday in the $24.40s, silver prices currently trade with on theday gains of nearly 1.5%, with the bulls now eyeing a test of annual highs printed back in mid-January in the $24.70s.
The Russia-Ukraine conflict has escalated over the past few hours. Subsequently, gold has climbed to around $1,914, the immediate vicinity of last June’s high. Strategists at Commerzbank expect gold (Yellow Metal) to post further gains as Ukraine situation looks increasingly alarming.
Curde Oil prices: WTI oil (Black Gold) extends pullback from new 7-year high and holding comfortably below psychological $90 level, on track for the first bearish weekly close (down over 6% for the week) after rallying for eight consecutive weeks.
Shares of Ambuja Cements Ltd. fell over 4%, the most in nearly three weeks after the company reported a decline in net profit in the quarter ended December.
Stock Market: “Indian markets witnessed a sharp fall on the back of rising geopolitical tension between Russia and Ukraine. This geopolitical tension is leading to a sharp rise in crude oil prices which is another headwind for Indian equity markets.
On the technical aspect, the three days of continuous buying spree indicates the market uptrend, wherein the key indicators have also turned bullish. As far as levels are concerned, the base for Nifty inched higher to 17500 followed by 17300 on an immediate basis. On the flip side, as the market gains momentum, the recent swing high of 17800 should easily be tested and any breach above the same could direct the index towards the psychological junction of 18000.