Gold Prices Rise as New Tariffs on Chinese Goods Take Effect
Gold prices rose on Friday in Asia as the U.S. hiked tariffs on $200 billion worth of Chinese goods, deepening conflict with China and cast a shadow over global economic outlook.The additional tariffs kicked in at 12:01AM Washington time. Tariffs has now rise to 25% from the previous 10% on more than 5,700 different product categories from China.China immediately said in a statement that it is “forced to retaliate”, but did not provide any detailsTop U.S. and Chinese negotiators including Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin ended the first of two days of discussions in Washington and were expected to resume talks on Friday.
Crude Oil pares gains as U.S. escalates trade war with China
Oil prices pared earlier gains on Friday following United State President Trump’s tariff increase on $200 billion worth of Chinese goods took effect, escalating the trade dispute between the world’s two largest economies and crude oil consumers.U.S. West Texas Intermediate (WTI) crude futures were at $61.78 per barrel, up 8 cents, after rising to as high as $62.49 a barrel earlier in the day.U.S. Stock futures fell and Asian shares pared gains as China said it would retaliate over the tariff increases.
LME base metals prices positive despite escalation in US-China trade war
While US-China trade talks continue, the market seems to be clinging on for an eleventh-hour deal this morning, Friday May 10, because key markets are holding up surprisingly well. But, if a deal does not miraculously emerge soon then further disappointment is likely to set in. Despite the escalation in trade tensions with the United States raising tariffs on imports from China, the three-month base metals prices on the London Metal Exchange were for the most part positive, with the complex up by an average of 0.3%.
MCX Gold last week corrects from lower levels and found psychological resistance level of 32000. For upcoming week, if price trades above 31800 then again bullish bias will active up to next immediate resistance of 32300 and after that this momentum can test next resistance of its upper resistance level i.e. 32800 levels. On lower side it has strong support at 31100 and if price sustains below this level then 30600 will act as a next support level.
Better strategy in MCX GOLD is to buy above 32100 for the target of 32500 with stop loss of 31600.
MCX Silver last week showed sideways to bullish movement and close around its bearish support level i.e. 37000 and if price breaks this level in upcoming session then price will take more downside movement expected upto next support level of 36000. On higher side, if price takes correction then it can test immediate resistance of 38000 and above this level again bullish short term trend will active towards next crucial resistance level of 40000.
Better strategy in MCX SILVER is to sell below 37000 for the target of 36000, with stop loss of 38000.
MCX Crude oil last week moves in range of 4200-4350 but closed below its important support level of 4350. For upcoming trading session if price breaches 4200 then again bearish trend will active as well as this down side momentum can take price towards next support of 4000 and higher side it has strong resistance at 4450 and if price manages above this level then it can test its upper resistance level of 4700.
Better strategy in MCX CRUDE is to sell below 4240 for the target of 4020, with stop loss of 4500.
MCX Copper last week showed sideways movement after long range bound movement and price breach to 426 levels. For upcoming session it may give downside movement if price sustains below 426 levels and we will continue to suggest downward trend towards next immediate support of 418. On upper side, if price trades above 440 then it will push for quick recovery from lower levels up to next important resistance level of 450 and after that 460 will act as a next major resistance level.
Better strategy in MCX COPPER is to sell below 426 for the target of 416, with stop loss of 438.
Guargum showed bullish movement last week, and found its important resistance around the level of 9105. If the prices sustains below its support level of 8800 then the bearish momentum will take prices up to 8600 level. On other hand if the prices maintains above 9150 then prices may find the next resistance level of 9350.
Soyaref showed bullish movement last week and found the resistance level of 731.50. If the prices maintain above its resistance level of 736 then the bullish momentum will take prices up to 746 levels. On other hand if the prices sustain below 720 then prices may find the next support level of 710.
Turmeric showed sideways movement last week, and able to found its important support level of 6440. 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 6400 then prices find the next support level of 6200.
(Click to submit your details) Just one step to get the best trading tips and Recommendation.