Asia Gold slump to 3-1/2 yr low as virus hits activity
Rising prices dented demand for physical gold in most Asian hubs this week, while the coronavirus outbreak dragged China’s premiums to their lowest since July 2016.
Benchmark spot gold XAU= prices have risen over 3% so far this week, having risen to a seven-year high at 1,643.89 an ounce. GOL/
In India, prices soared to a record high, tracking gains in the overseas prices and in response to a weak rupee.
Gold futures MAUc1 hit an all-time high of 42,509 rupees per 10 grams on Friday. Futures have risen nearly 9% so far in 2020 after rising nearly a quarter in 2019.
Oil falls as coronavirus spread beyond China heightens demand fear
Oil prices fell on Friday amid concerns over fuel demand as the coronavirus epidemic spread further beyond China, while major crude producers stood pat on any early action to cut output to support the market. Brent crude LCOc1 was down 28 cents, or 0.5%, at $59.03 a barrel by 0332 GMT, while U.S. crude CLc1 was also off by 28 cents, or 0.5%, at $53.60 a barrel.
On Friday South Korean authorities confirmed 52 new coronavirus infections.China itself, the world’s biggest importer of crude oil, new cases also rose on Friday from the day before even as Beijing presses on with efforts to contain the spread that has largely paralysed the world’s second-biggest economy.
Copper steady but virus clouds China demand prospects
Copper prices steadied on Wednesday near three-week highs as top consumer China announced further measures to help shore up growth hit by the coronavirus outbreak, but concern about the eventual damage to the economy capped gains.
Benchmark copper on the London Metal Exchange ended little changed at $5,770 a tonne, down around 9% since the middle of January. Prices of the metal used as a gauge of global economic health hit $5,828.50 on Monday, the highest since Jan. 27.
Nobody knows how long the global and Chinese economy will feel the negative effects of the coronavirus.
TECHNICAL VIEW
MCX Gold last week showed straight bullish movement and pulled up towards the resistance level of 42800 and closed around 42700. For upcoming week if price trades above 43000 levels then it can give upside movement up to next psychological resistance level of 43500. On lower side, if prices slide towards lower levels than 41500 will act as vital support level below this momentum can find next support level at 40500.
STRATEGY
Better strategy in MCX GOLD is to buy above 43000 for the target of 43500 with stop loss of 42500.
TECHNICAL VIEW
MCX Silver last week showed bullish movement after broke a resistance of 47500. For upcoming trading session we will continue to suggesting bullish trend, if price maintains above 49500 levels and after that 50500 to 51500 will act as a next important resistance level. On lower side it has immediate support at 47000 and if price sustains below this level then it will take support towards the level of 45500.
STRATEGY
Better strategy in MCX SILVER is to buy above 49000 for the target of 50000, with stop loss of 48000.
TECHNICAL VIEW
MCX Crude oil last week showed bullish movement in whole week and found resistance zone i.e. around 3950 levels. For upcoming period if bearishness will active towards support level of 3700 then after that 3500 will be next immediate support and if price takes bullish movement from current levels towards upside side then it can test resistance level of 4000 and after that 4200 will act as a next resistance level.
STRATEGY
Better strategy in MCX CRUDE is to sell below 3750 for the target of 3600, with stop loss of 3950.
TECHNICAL VIEW
MCX Copper last week showed downward movement after took important resistance level of 436.85. For upcoming session, if price maintains above 440 levels then it may give more upside movement towards next resistance level of 450. On lower side it has support level at 425 and if sustain below 425 level then it will move down towards the next major support level of 415.
STRATEGY
Better strategy in MCX COPPER is to sell below 427 for the target of 420, with stop loss of 438.
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