Precious metal Posts Best Weekly Gain in Five on Brexit
Precious metal bears have hoped to send gold sharply below $1,200, a support in place since September, to exploit further weakness in the $1,100 levels. But the brexit crisis she’s in has thrown gold bulls a lifeline, Theresa May could be fighting for her political survival. Firstly resigned to losing the market’s $1,200 support level as the week began, fans of the yellow metal not only got to stay in their comfort zone but also saw their best weekly gain in five as hedgers rushed to the relative safely of bullion after the pounding taken by sterling from Britan’s EU-exit woes. On COMEX Among other precious metals on COMEX, silver rose 3.1% to $14.38 per ounce.
Crude Oil Down 6% on the Week as Bears Resume Faceoff with Saudis
Crude Oil bears are back to taunting Saudi Arabia by pressuring the market again, just two days after giving a reprieve to the record self off in crude. Brent crude futures and West Texas Intermediate settled steady to slightly higher on Friday after rallying more than 2% earlier in the day on fears that the oil-rich kingdom and the OPEC cartel it leads could cut supplies substantially at a December 6-7 meeting. Friday’s rebound didn’t help crude’s weekly loss of 6%, making it the sixth-straight week in the red. Prices turned volatile before returning to positive territory just before the close, But after the morning highs in New York trade.
Zinc stabilizes; lead price up 3% in dollar downturn
On Friday November 16 Base metals futures on the London Metal Exchange rebounded at the close of trading on Friday November 16, led by a strong performance in the three-month lead price while a marked downturn in the US dollar index prompted follow-up buying. While strong demand from the lead-acid battery sector continues to support upward price action. Data from the International Lead & Zinc Study Group projects the lead market will record a 123,000-tonne deficit in 2018 and a further 17,000-tonne shortfall in 2019.
MCX Gold last week was quite volatile and close around its bearish resistance line i.e. 31400 levels. For upcoming week if price breaks 31400 then it will continue with bullish trend and it may test next important resistance level of 31800. On lower side it has major support level of 30600 that is its bullish support line and if price sustains below this level then it takes some correction from higher to lower side up to next support level i.e. 30200 and after that 29800 will act as a next crucial support level.
Better strategy in MCX GOLD is to sell below 30750 for the target of 30250 with stop loss of 31300.
MCX Silver last week showed sideways to bearish movement but unable to close below its major support level i.e. 36300 and took reverse movement. For upcoming session it can take quick recovery from lower to higher levels and price may test next strong resistance of 37500 and above this 38000 will be next resistance as well as trend may also change. On lower side it has immediate support of its lower key line i.e. 36500 and after that next support will be 36000.
Better strategy in MCX SILVER is to sell on highs around 36400 for the target of 35400, with stop loss of 38000.
MCX Crude oil last week showed sideways to downward trend and close around its major support level of 4100. For upcoming period if price breaks and sustains below 4100 then we will continue to suggest bearish trend towards next initial support of 4000. On upward side it has immediate resistance level of 4200 and if price maintains above this level then it can take quick recovery from lower level up to next resistance level of 4300 and above this level 4300 will be next important resistance level.
Better strategy in MCX CRUDE is to sell below 4000 for the target of 3800, with stop loss of 4300.
MCX Copper last week showed quite bullish movement and able to close around its bearish resistance line i.e. 445 levels. For upcoming trading session if price maintains above 445 then price may goes upside up to next resistance of 455 and trend may also change. On down side it has immediate support of 435 and below this level it will take sharp correction from higher levels towards next support level of 425 and after that 415 will act as a next important support level.
Better strategy in MCX COPPER is to buy above 450 for the target of 460, with stop loss of 435.
Guar gum showed bearish movement last week, and found its important support around the level of 9926. If the prices sustains below its support level of 9500 then the bearish momentum will take prices up to 9200 level. On other hand if the prices maintains above 10000 then prices may find the next resistance level of 10250.
Soyaref showed bearish movement last week and found the support level of 729. If the prices sustain below its support level of 725 then the bearish momentum will take prices up to 718 levels. On other hand if the prices maintains above 740 then prices may find the next resistance level of 748.
Turmeric showed bearish movement last week, and able to found its important support level of 6500. If the prices maintain above its resistance level of 6700 then the bullish momentum will take prices 6900 level. On other hand if the prices sustains below the support level of 6500 then prices find the next support level of 6400.
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