Gold gains on Middle East tensions; palladium hits record high
Gold edged higher on Friday, heading for its first weekly rise in four, as investors focused on Middle East tensions while palladium hit a record peak on short supply. Spot gold was up 0.1% at $1,500.47 an ounce at 1314 GMT, up about 0.8% over the week. U.S. gold futures were steady at $1,506.70.
Adding to gold’s appeal, the United States said it was building a coalition to deter Iranian threats after last weekend’s attack on Saudi Arabian oil facilities. Another supportive factor was the Fed’s second interest rate cut this year, though the central bank gave mixed signals on future cuts.
Saudi Oil Outage Impact Not As Bad As Predicted
Oil prices have gyrated this week on conflicting reports and predictions regarding the restoration of operations at the damaged Abqaiq processing facility in Saudi Arabia. The largest disruption in oil market history led to a 15 percent price gain on Monday, but prices opened up sharply lower on Tuesday after Reuters reported that operations would resume much quicker than expected. The outage at Abqaiq is not just a problem because of the immediate impact on production, but also because it takes much of the world’s spare capacity offline.
MCX Gold last week showed strong bearish movement in whole week and after breaking 38000 support level found next support of i.e. 37438. For upcoming week if price trades above 38000 levels then it can give upside movement up to next psychological resistance level of 38500. On lower side, if price still slide towards lower side than 37300 will act as vital support level below this momentum can find next support level at 36500.
Better strategy in MCX GOLD is to buy above 38000 for the target of 38500 with stop loss of 37500.
MCX Silver last week showed downward side movement and drags down towards the support level of 45600. For upcoming trading session we will continue to suggesting weak trend, if price sustains below 45500 levels and after that 44000 will act as a next important support level. On higher side it has immediate resistance at 48000 and if price maintain above this level then it will take towards the psychological resistance level of 50000.
Better strategy in MCX SILVER is to sell below 45700 for the target of 44500, with stop loss of 47000.
MCX Crude oil last week showed bullish movement in intial session then fell from higher levels and settled down as well as found trend line support i.e. 4100 levels. For upcoming period we will keep bullish overview towards next resistance level of 4500 and after that 4800 will be next immediate resistance and if price takes reverse movement from current levels towards lower side then it can test support level of 4000 and after that 3800 will act as a next support level.
Better strategy in MCX CRUDE is to buy above 4300 for the target of 4500, with stop loss of 4100.
MCX Copper last week showed bearish movement and also tests support level of 442.50. For upcoming session, if price sustains below 440 levels then it may give more down side movement towards next support level of 430. On higher side it has psychological resistance level at 450 and above this price level it will lift up for quick recovery from lower to higher side up to next resistance of 460 and trend may also change.
Better strategy in MCX COPPER is to buy above 450 for the target of 460, with stop loss of 470.
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