Gold Price Prediction – Prices Rally Ahead of US Holiday Weekend on Virus Fears
Gold prices moved higher on Friday as concerns over the coronavirus cases, and how it might erode global growth helped increase the risk premium in the capital markets. Gold which is considered a safe haven asset moved higher. Bonds rallied weighing in US yields which capped the upside in the US dollar. US retail sales came out in line with expectations, but December sales were revised slightly lower. Headline retail sales rose 0.3% in January, in line with expectations. Data for December was revised down to show retail sales gaining 0.2% instead of climbing 0.3% as previously reported. Auto sales rebounded 0.2% after slumping 1.7% in December. Sales at building material stores jumped 2.1%, the most
Japan’s Idemitsu, JXTG tighten control on oil tanker acceptance due to coronavirus
Japan’s Idemitsu Kosan and JXTG Nippon Oil & Energy have tightened control of accepting oil tankers in the wake of the outbreak of the coronavirus, or COVID-19, the country’s two largest refiners said Friday, amid some concerns over the potential impact on the inflow of crude and light distillate products into the country.
JXTG has a combined 1.93 million b/d of refining capacity across Japan. JX Ocean, its shipping unit, has a fleet of 13 crude oil tankers, 10 LPG carriers, 18 chemical tankers, three product tankers, one asphalt tanker and nine bulk carriers.
Base Metals: Zinc, nickel, aluminium futures gain on spot demand
Zinc prices rose 0.61 per cent to Rs 189.90 per kg in futures market on Wednesday as traders built up fresh positions amid increase in spot demand.
Aluminium prices on Wednesday edged 0.66 per cent higher to Rs 130.35 per kg in futures market after speculators built up fresh positions amid positive trend at the spot market.
Copper futures traded higher by 10 paise to Rs 438.45 per kg in futures trade on Wednesday after speculators built fresh positions owing to rise in spot demand.
MCX Gold last week showed straight bullish movement and drag pulled up towards the resistance level of 41000 and closed around 40980. For upcoming week if price trades above 41000 levels then it can give upside movement up to next psychological resistance level of 42000. On lower side, if price slide towards lower side than 39900 will act as vital support level below this momentum can find next support level at 39250.
Better strategy in MCX GOLD is to buy above 41000 for the target of 41500 with stop loss of 40500.
MCX Silver last week showed sideways to bullish movement after took a resistance of 46500. For upcoming trading session we will continue to suggesting bullish trend, if price sustains above 46500 levels and after that 47500 to 48500 will act as a next important resistance level. On lower side it has immediate support at 45500 and if price maintain below this level then it will take towards the support level of 44500.
Better strategy in MCX SILVER is to buy above 46400 for the target of 46900, with stop loss of 45900.
MCX Crude oil last week showed sideways to bullish movement in whole week and found near to its support zone i.e. around 3550 levels. For upcoming period if bearishness will active towards support level of 3500 then after that 3300 will be next immediate support and if price takes bullish movement from current levels towards upside side then it can test resistance level of 4000 and after that 4100 will act as a next resistance level.
Better strategy in MCX CRUDE is to buy above 3750 for the target of 3900, with stop loss of 3550.
MCX Copper last week showed correction on higher side after took important support level of 420.50. For upcoming session, if price maintains above 440 levels then it may give more upside movement towards next resistance level of 450. On lower side it has support level at 420 and if sustain below 420 level then it will move down towards the next major support level of 410.
Better strategy in MCX COPPER is to sell below 428 for the target of 418, with stop loss of 438.
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