As U.S. strong Dollar really, Gold hold above 1305$
The missed United State and China summit opportunity may be good for gold. There are a only trouble is the dollar is rallying on that up side, Both bullion gold and silver futures were on the positive side of $1,300 for the 1st time in last six trading sessions on Friday, reacting to news that U.S. President Donald Trump will not meet with Chinese counterpart Xi Jinping before the March 1 deadline to sign a trade deal.The lack of a meeting between Donald Trump and chiness Xi Jinping had dampened hopes for a smooth resolution to the china -United state trade war, one of the most intense rivalries of this generation.
Crude oil edge up for the session, closing negative 5% on the week
Trade wars between China -United State, slowing global growth and uncertainty over how quickly Venezuelan sanctions will bite are all coming together to hobble crude oil’s rebound. New York-traded West Texas Intermediate crude settled modestly higher on Friday but lost almost 5% on the week. Brent oil also rose on the day and fell on the week as the United State and China missed an opportunity to hold a summit to settle their trade war before a March 1 deadline. Struggling euro zone economies, the slow-burn crisis in Venezuela and a volatile U.S. rig count were other factors that dented the outlook for oil.
Base metal rally stalls United State and China trade war fears
Copper price was set for a fifth week of gains on Friday but the rally faltered after U.S. President said he did have not plan to meet China’s president Xi Jinping before a 1st March deadline for the two countries to achieve a trade deal. The news reignited concern that the United State-Chinese row will worsen, damaging the already weaker global economy and curtailing metals demand.
TECHNICAL VIEW
MCX Gold last week took some correction from higher to lower levels after bullish movement. For upcoming period it may give some more down side movement and test its channel line support i.e. 33000 and if price breaks this level then price may find new major support of 32700 as well as continue with downward trend. On higher side it has important resistance of 33500 and if it maintains above this level then 33800 will act as a next strong resistance level.
STRATEGY
Better strategy in MCX GOLD is to buy above 33500 for the target of 34000 with stop loss of 32900.
TECHNICAL VIEW
MCX Silver last week showed downward side movement after its bullish rally as well as it also broke its immediate support 40200. For upcoming trading session bearish scenario will remain active and it can test next initial support of 39700 and below this level 39300 will be next support. On upper side it has major resistance of its bearish resistance line i.e. 40500 levels and if price breaks this level then takes quick recovery from lower levels and test next important resistance level of 41000 as well as trend may also change.
STRATEGY
Better strategy in MCX SILVER is to sell below 39600 for the target of 38600, with stop loss of 41000.
TECHNICAL VIEW
MCX Crude oil last week broke its major support level of 3900 and showed bearish movement as well as close around its bullish support line of 3700. For upcoming session if price breaks and sustains below 3700 then price may goes down side towards next support of 3600 and downtrend will remain active and if it takes reverse movement from support level then takes some recovery from lower levels and price can test immediate resistance level of 3850 and above this level 3950 will act as a next important resistance level.
STRATEGY
Better strategy in MCX CRUDE is to sell below 3650 for the target of 3500, with stop loss of 3900.
TECHNICAL VIEW
MCX Copper last week showed sideways to bullish movement but unable to close above its resistance level of 450 and took reverse movement. For upcoming week it may continue with lower side correction from higher levels and it can test initial support of 435 and below this level we will continue to suggest bearish trend towards next crucial support of 425. On upward side it has strong support of 455 and if price maintains above this level then 465 will be next resistance level.
STRATEGY
Better strategy in MCX COPPER is to sell below 442 for the target of 432, with stop loss of 452.
Guar gum showed sideways to bearish movement last week, and found its important support around the level of 8180. If the prices sustains below its support level of 8150 then the bearish momentum will take prices up to 7850 level. On other hand if the prices maintains above 8570 then prices may find the next resistance level of 9000.
Soyaref showed bullish movement last week and found the resistance level of 775.50. If the prices maintain above its resistance level of 776 then the bullish momentum will take prices up to 785 levels. On other hand if the prices sustain below 756 then prices may find the next support level of 746.
Turmeric showed bearish movement last week, and able to found its important support level of 6280. If the prices maintain above its resistance level of 6450 then the bullish momentum will take prices 6660 level. On other hand if the prices sustains below the support level of 6280 then prices find the next support level of 6130.
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