Weekly Commodity Report

 

Precious metal Prices Rise as U.S. Dollar Falls on Weak Data

On Friday Precious metal prices rose as the U.S. dollar fell after lower than expected economic data. On Thursday Data on Thursday showed that inflation pressures in the U.S. are easing, increasing concern that the Federal Reserve could ease its stance on monetary policy. Upper rates are a negative for gold as the precious metal, which does not pay interest, struggles to compete with yield-bearing assets when rates rise. As it is denominated in the U.S. currency and is sensitive to moves in the dollar, Gold usually falls as the dollar rises.

Crude Oil Prices Head for Weekly Gains Ahead of U.S. Drilling Activity

Crude Oil prices recovered on Friday from the prior session’s sharp decline and remained on track for solid weekly gains as investors looked ahead to the latest gauge of U.S. production. On Friday Traders will focus the latest data on U.S. crude production from Baker Hughes.  Global crude supplies hit a record high in August that The International Energy Agency said Thursday. Organization of the Petroleum Exporting Countries, Russia and other non-members agreed in June to return to 100% compliance with oil output cuts that began in January 2017, after underproduction by some had pushed compliance above 160%.

On Friday base metals prices tick lower

On Friday Base metals prices on the London Metal Exchange edged lower during morning trading September 14, consolidating lower amid continued trade disagreements between the United States and China, while fresh economic data indicates more stability in the Chinese economy. Metals prices to continue their recovery yesterday, the weak US dollar allowed. On this morning they are still on the up. Zinc has edged lower despite persistent stock outflows. The only lead to trade positively over the morning & today published The economic data published today in China tallied largely with expectations, though growth in fixed asset investments was lower than ever before at 5.3% in August.

TECHNICAL VIEW

GOLD:-

MCX Gold was quite volatile last week due to movement of dollar and it also close around its major support of 30400. For upcoming period if it breaks 30400 then it may continue with downward trend up to its next strong support level of 30000 and after that 29700 will act as a next support. On upward side it has important resistance of 30800 and above this level it can takes quick recovery and also test next resistance level of 31200 and after that trend may also change.

STRATEGY

Better strategy in MCX GOLD is to sell below 30350 for the target of 29950 with stop loss of 30950

TECHNICAL VIEW

SILVER:

MCX Silver last week showed sideways to downward movement and also took reverse movement from its bearish key line i.e. 37600 levels. For upcoming session it may take more downside movement towards its next crucial support level of its upward key line i.e. 36500 levels. On upward side it has strong resistance level of 37400 and if price maintains above this level then price may goes upside up to next resistance level of 37900 and also shows some recovery from lower levels.

STRATEGY

Better strategy in MCX SILVER is to sell below 36700 for the target of 35700, with stop loss of 38000.

TECHNICAL VIEW

CRUDE:

MCX Crude oil was volatile last week and it also unable to maintains on higher levels. For upcoming trading session it may shows bearish movement and test its major support level of 4800 and if price sustains below this level then price may goes down up to next support level of its upward key line i.e. 4700 levels. On upward side it has important resistance level of 5050 and above this level it takes recovery from lower to higher level up to next resistance level of 5150.

STRATEGY

Better strategy in MCX CRUDE is to sell below 4550 for the target of 4350, with stop loss of 4800.

TECHNICAL VIEW

COPPER:

MCX Copper last week showed some bullish movement but unable to breach its major resistance level of 435. For upcoming week if it breaks 435 then we will continue to suggests up trend up to next resistance level of 445 and after that 455 will be next resistance level. On downward side it has major support level of 420 and if it breaches this level then price may takes correction from higher levels up to next support level of 410 and trend may also change.

STRATEGY

Better strategy in MCX COPPER is to sell below 420 for the target of 410, with stop loss of 435.

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Guar gum showed bearish movement last week, and found its important support around the level of 9210. If the prices sustains below its support level of 9180 then the bearish momentum will take prices up to 8900 level. On other hand if the prices maintains above 9580 then prices may find the next resistance level of 9880.

Soyaref showed sideways to bearish movement last week and found the support level of 730. If the prices sustain below its support level of 725 then the bearish momentum will take prices up to 715 levels. On other hand if the prices maintains above 740 then prices may find the next resistance level of 755.

Turmeric showed sideways to bullish movement last week, and able to close around its important resistance level of 6785. If the prices maintain above its resistance level of 6800 then the bullish momentum will take prices 7000 level. On other hand if the prices sustains below the support level of 6550 then prices find the next support level of 6400.

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