Weekly Commodity Market Report

Gold future price Up on Europe- China, Fed Fears, as strong Dollar really.

On Friday future Gold prices edged up overcoming strength in the United State dollar as investors reacted to fresh global growth fears and a recessionary alarm bell sounding in the bond and security market. Precious metal has got a pretty good setup here, as it managed to settle higher above $1,310 channel despite the uptick in the dollar. The Federal Reserve opted not to raise interest rates at its monthly meeting this week, The U.S. dollar, which investors had been using as hedge against the U.S.-China trade war, rose as U.S. president Donald Trump appeared to be downplaying the urgency for a trade deal.

Crude-Oil Tumbles on Europe-China Slowdown; Falling U.S. Oil Rig Count.

United State West Texas Intermediate and U.K. Brent oil prices retreated with considerable force on Friday from the rally earlier in the week following a contraction in euro zone manufacturing growth, led by Germany, and an unsightly picture building on the crude oil futures price complex, where the spread between the front and back was blowing out to levels that appeared unsustainable. The selloff was also remarkable coming so soon after WTI’s rise to four-month highs above $60 this week after data from the U.S. Energy Information Administration showed a surprisingly huge drop in U.S.

Copper futures fall 2% on weak PMI data & global cues

Meanwhile, a host of weaker-than-expected PMI data releases also softened price sentiment over the afternoon. The copper total volumes traded over the day were high, leading the complex at 25,647 lots changing hands by the close, the most since December 2018. While total LME stock remained close to record-lows, last week’s delivery of more than 70,000 tonnes of material into LME-registered warehouses could also be a contributing factor in the metal’s price slide, while traders in the physical market demand.

TECHNICAL VIEW

MCX Gold last week took quick recovery after downfall as well as close around its major resistance of 32150. For upcoming week if price trades above 32150 then again bullish trend will active up to next immediate resistance of 32350 and after that 32500 will act as a next important resistance level and if price takes some correction from higher level then it will test correctional level of 31900 and if price sustains below this level then this momentum can find new support at 31700.

STRATEGY

Better strategy in MCX GOLD is to buy above 32400 for the target of 32900 with stop loss of 31900.

TECHNICAL VIEW

MCX Silver last week showed sideways to bearish movement but unable to close below its support level i.e. 37850 and took reverse movement. For upcoming session if price goes upside then it will test next major resistance of 38600 and if price manages above this level then we will keep bullish overview up to next resistance of 39100 and lower side it has immediate support at 37900 and below this level it can push for some correction from higher levels towards next support of 37500.

STRATEGY

Better strategy in MCX SILVER is to sell below 37800 for the target of 36800, with stop loss of 38100.

TECHNICAL VIEW

MCX Crude oil last week showed upward side movement but suddenly it slips from higher levels and settles down. For upcoming trading session it can take some more correction from higher levels if price sustains below 4050 and below this level 3950 will act as a strong support level. On higher side it has immediate resistance at 4150 and if price maintains above this level then again bullish bias will active as well as price can find new resistance level i.e. 4250.

STRATEGY

Better strategy in MCX CRUDE is to buy above 4170 for the target of 4300, with stop loss of 4000.

TECHNICAL VIEW

MCX Copper last week showed strong bearish movement and broke its strong support level of 440. For upcoming period it will continue with downward trend if price sustains below 435 and after that this momentum can find new support of 425. On upward side if price takes quick recovery from lower levels than it can test initial resistance of 450 and above this level trend may also change and this bullish movement can take price up to next resistance level i.e. 460 levels.

STRATEGY

Better strategy in MCX COPPER is to sell below 435 for the target of 425, with stop loss of 447.

Guar gum showed sideways to bullish movement last week, and found its important resistance around the level of 8960. If the prices sustains below its support level of 8640 then the bearish momentum will take prices up to 8400 level. On other hand if the prices maintains above 9000 then prices may find the next resistance level of 9350.

Soyaref showed bearish movement last week and found the support level of 734. If the prices maintain above its resistance level of 744.25 then the bullish momentum will take prices up to 755 levels. On other hand if the prices sustain below 734 then prices may find the next support level of 725.

Turmeric showed bearish movement last week, and able to found its important support level of 6050. If the prices maintain above its resistance level of 6210 then the bullish momentum will take prices 6380 level. On other hand if the prices sustains below the support level of 6024 then prices find the next support level of 5900.

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