Weekly Commodity Market Report

Gold Dips but Still Cruises to 3rd Weekly Gain

Sovereign debt yields crawling out of their historic lows nudged light profit-taking in gold that took some luster off the precious metal on Friday.Gold futures for December delivery, traded on the Comex division of the New York Mercantile Exchange, settled down $7.60, or 0.5%, at $1,523.60.For the week, spot gold was up 1.2%. Futures rose 1%. Compounded gains over the past three weeks were nearly 8%.Gold dipped on the day as risk appetite returned somewhat across markets after the yield on the 10-year U.S. safe-haven demand for gold remained strong, although the improved sentiment for equities and other risk assets were prompting investors to look again at core financials.

 

   

Oil Rises on Relief Rally despite OPEC Outlook

OPEC has issued its own damning report on oil demand for this year and next, but crude prices rose anyway on Friday to head for a weekly gain after a relief rally in equities spurred by improved U.S. bond yields. That tamped down the volatility in oil.New York-traded West Texas Intermediate crude settled up 40 cents, or 0.7%, at $54.87 per barrel.London-traded Brent crude gained 41 cents, or 0.7%, although the benchmark for oil outside of the U.S. remained below the key $60 per barrel mark at $58.72. For the week, WTI rose 0.7% while Brent climbed 0.2% after three sessions in the black and two in the red.

Fresh 31kt inflow fails to rattle LME copper; tin below $17,000/t amid largest delivery in 10 yrs

The three-month price of nickel on the LME remained elevated at the close of trading on Friday 16 August, retaining gains made at Thursday’s close above the $16,000 per tonne support level, while a weak London Metal Exchange tin price could see the two prices converge.Nickel’s three-month price closed trading at $16,200 per tonne, holding at a 5-year high achieved on Thursday, while tin futures price closed at $16,575 per tonne, with just $275 per tonne between the metals’ prices.

      

TECHNICAL VIEW

MCX Gold last week showed bullish movement but at the end of the week it took sharp correction from higher levels. For upcoming session, if price trades above 38000 then we will continue to suggesting upward trend up to next resistance level of 38300 and after that 38500 will act as a next psychological resistance level. On lower side it has immediate support at 37800 and if price sustains below this level then it may take more down side movement towards next support level of 37500.

STRATEGY

Better strategy in MCX GOLD is to buy above 38200 for the target of 38800 with stop loss of 37500.

TECHNICAL VIEW

MCX Silver last week showed strong bullish movement. For upcoming trading session, if price manages above its psychological resistance i.e. 44000 levels then this upside momentum can find next important resistance level of 44500 and if price took reverse movement from higher levels then we expect short term selling pressure towards next support level of 43500 and if price breaches this level then 43000 will be next major support level as well as trend may also change.

STRATEGY

Better strategy in MCX SILVER is to buy above 44100 for the target of 45000, with stop loss of 43000.

TECHNICAL VIEW

MCX Crude oil last week took reverse movement from its resistance level and showed strong bearish movement. For upcoming trading session we will continue to suggesting downward trend towards next support level of 3750 and after that 3650 will act as a next important support level and if price takes reversal movement then it will push for quick recovery from lower to higher side up to next immediate resistance level of 3900 and if price manages above this level then 4000 will be next resistance level as well as trend may also change.

STRATEGY

Better strategy in MCX CRUDE is to sell below 3850 for the target of 3700, with stop loss of 4250.

TECHNICAL VIEW

MCX Copper last week showed sideways movement and it also test its immediate resistance level of 450 but unable to hold this level. For upcoming week we expect lower side movement, if price sustains below 445 levels and after that 435 will be next support level as well as bearish scenario will remain active. On higher side, if price takes quick recovery from lower to higher side then it can find next major resistance of 455 and after that 465 will act as a next important resistance level.

STRATEGY

Better strategy in MCX COPPER is to sell below 444 for the target of 434, with stop loss of 454.

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