Weekly Commodity Report

 

Gold holds steady above $1,490 on Brexit uncertainties
Gold prices held ground above $1,490 an ounce in early Asian trade on Monday as uncertainties swirled over Brexit delay, though a firmer dollar weighed on the safe-haven metal. Spot gold edged 0.1 per cent higher to $1,490.60 an ounce by 0047 GMT. US gold futures were little changed at $1,494.20.Palladium was up 0.2 per cent at $1,757.10 an ounce, after gaining about 3.3 per cent in the previous week. The autocatalyst metal hit a record high of $1,783.21 on Thursday.
British Lawmakers on Saturday voted to withhold a decision on Prime Minister Boris Johnson’s deal, a move that forced him to seek from the EU a third postponement of Britain’s departure from the bloc.

Oil prices dip on weak demand outlook, supply concerns
Oil prices eased on Monday amid persistent concerns about the global economic outlook and the impact on oil demand, while Russia again missed its target to cut oil output last month. Global benchmark Brent crude oil futures fell by 10 cents, or 0.2 per cent, to $59.32 a barrel by 0108 GMT. US crude oil futures were down by 9 cents, or 0.2 per cent, to $53.69.

China’s economic growth slowed to 6 per cent year-on-year in the third quarter, its weakest in 27-1/2 years and short of expectations due to soft factory production and continuing trade tensions.

Base Metals: Zinc, nickel, lead rise in futures trade amid strong demand
Copper futures traded lower by 0.56 per cent at Rs 438.70 per kg in futures trade on Thursday after speculators reduced their exposure.On Multi Commodity Exchange, copper contracts for September delivery fell by Rs 2.45, or 0.56 per cent, to Rs 438.70 per kg in a business turnover of 338 lots.
Nickel prices drifted lower by Rs 7.10 to Rs 1,249.50 per kg in futures trade on Thursday as speculators trimmed their positions owing to weak demand at the physical markets. At the Multi Commodity Exchange, nickel for delivery in September declined by Rs 7.10, or 0.57 per cent, to Rs 1,249.50 per kg in a business turnover of 1,241 lots.

TECHNICAL VIEW

MCX Gold last week showed sideways to bearish movement in whole week and after breaking 38000 support level found next support around trendline of i.e. 37900. For upcoming week if price trades above 38550 levels then it can give upside movement up to next psychological resistance level of 39000. On lower side, if price still slide towards lower side than 37400 will act as vital support level below this momentum can find next support level at 36800.

STRATEGY

Better strategy in MCX GOLD is to buy above 38650 for the target of 39100 with stop loss of 38000.

TECHNICAL VIEW

MCX Silver last week showed sideways movement and drags down towards the support level of 44700 and closed around it. For upcoming trading session we will continue to suggesting weak trend, if price sustains below 44500 levels and after that 43200 will act as a next important support level. On higher side it has immediate resistance at 46500 and if price maintain above this level then it will take towards the resistance level of 48500.

STRATEGY

Better strategy in MCX SILVER is to sell below 44500 for the target of 43000, with stop loss of 46000.

TECHNICAL VIEW

MCX Crude oil last week showed sideways bullish movement in all sessions and correction on higher side leads towards the trend line resistance i.e. around 3900 levels. For upcoming period if  bullishness will active towards next resistance level of 4000 and after that 4300 will be next immediate resistance and if price takes lower movement from current levels towards down side then it can test support level of 3700 and after that 3500 will act as a next support level.

STRATEGY

Better strategy in MCX CRUDE is to buy above 3900 for the target of 4100, with stop loss of 3650.

TECHNICAL VIEW

MCX Copper last week showed sideways to bullish movement and also tests resistance level i.e. around 444.80. For upcoming session, if price sustains below 436 levels then it may give more down side movement towards next support level of 430. On higher side it has psychological resistance level at 445 and above this price level it will lift up for quick recovery from lower to higher side up to next resistance of 455 and trend may also change.

STRATEGY

Better strategy in MCX COPPER is to buy above 445 for the target of 455, with stop loss of 435.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Comment

Your email address will not be published. Required fields are marked *