Weekly Commodity Report

Precious metal up Second Month in a Row; Eyes on Trump-Xi Meeting

President Donald Trump will at least suggest he has one down the road with China that the gold market’s betting, but there’s no trade deal on the table yet & that was enough for the yellow metal to end a second-straight month in the green and stay above its key $1,200 perch. “If Mr. Donald Trump claims he has a deal, initially the gold market should catch a bid and trade through that level,” Pehowich wrote. “But because of the anticipated rally in equities, I believe the $1,232 level will not be sustainable. If there is no deal at all, you could expect the price of gold to go through that level in lightning speed.”

Precious metal up Second Month in a Row; Eyes on Trump-Xi Meeting

President Donald Trump will at least suggest he has one down the road with China that the gold market’s betting, but there’s no trade deal on the table yet & that was enough for the yellow metal to end a second-straight month in the green and stay above its key $1,200 perch. “If Mr. Donald Trump claims he has a deal, initially the gold market should catch a bid and trade through that level,” Pehowich wrote. “But because of the anticipated rally in equities, I believe the $1,232 level will not be sustainable. If there is no deal at all, you could expect the price of gold to go through that level in lightning speed.”

Crude Oil Has Biggest Monthly Loss in Decade as Russia (Again) Wavers on Cuts

For the November A 22% drop, that was the price West Texas Intermediate crude paid after the Russians stalled again on a production cut, sending the oil market to its biggest monthly loss in a decade. Oil futures finished with their worst month since 2008 after Russian Energy Minister Alexander Novak told domestic news service TASS that producers and consumers were comfortable with current prices. It was the finest sign that Moscow saw little or no need to contribute to production cuts when it joins Saudi Arabia and other major oil producers at the OPEC+ meeting in Vienna on Dec. 6.

In Friday’s close Zinc leads base metals, up 2.9%

On the London Metal Exchange Base metals prices closed higher on Friday November 30, with zinc, lead and nickel the best performers of the day. On Friday Zinc was the strongest performer on Friday, with its three-month price rising 2.9% from Thursday to close at $2,542 per tonne.  After consistently dipping since January, Most base metals prices have declined over the week compared to the opening prices on Monday, LME zinc stocks settled at a fresh 2018-low of 117,550 tonnes on Friday. While lead and nickel’s three-month prices climbed 2.07% and 1.31% over the day.

TECHNICAL VIEW

MCX Gold last week showed sideways to bearish movement and close around its bullish support line i.e. 30200 levels. For upcoming week if price breaks and sustains below 30200 then it will continue with downward trend towards next important support level of its lower channel pattern i.e. 29800 and after that 29500 will be next major support. On upward side it has immediate resistance level of 30600 and above this level it will push for quick recovery up to next resistance of its bearish resistance line i.e. 31100.

STRATEGY

Better strategy in MCX GOLD is to buy above 30400 for the target of 30800 with stop loss of 29800.

TECHNICAL VIEW

MCX Silver last week showed downward side movement and able to close near its major support level of 36000. For upcoming period if it breaches this level then this bearish momentum can take price towards next support of 35500 and we will continue to suggest down trend. On higher side it has initial resistance of its key line i.e. 36800 levels and if price maintains above this level then it can take some recovery from lower levels up to next resistance of its bearish resistance line of 37500.

STRATEGY

Better strategy in MCX SILVER is to sell below 36000 for the target of 35000, with stop loss of 37300.

TECHNICAL VIEW

MCX Crude oil last week showed strong downside movement and also closes around near its crucial support level of 3500. For upcoming session it may remain continue with bearish trend towards next support of 3400 and after that 3300 will act as a next important support level. On upper side if it takes sharp recovery then price may test resistance level of 3700 and above this level 3800 will be next immediate resistance level and trend may also change.

STRATEGY

Better strategy in MCX CRUDE is to buy above 3810 for the target of 4000, with stop loss of 3500.

TECHNICAL VIEW

MCX Copper last week showed some bearish movement but unable to close below its major support of 425. For upcoming trading session it may takes some recovery from lower to upper side and test resistance of 440 and price maintains above 440 then 450 will act as a next strong resistance level as well as trend may also change. On lower side it has initial support of 426 and if price sustains below this level then 415 will be next important support level.

STRATEGY

Better strategy in MCX COPPER is to buy above 440 for the target of 450, with stop loss of 425.

Guar gum showed bearish movement last week, and found its important support around the level of 8616. If the prices sustains below its support level of 8600 then the bearish momentum will take prices up to 8350 level. On other hand if the prices maintains above 8970 then prices may find the next resistance level of 9270.

 

Soyaref showed bearish movement last week and found the support level of 710. If the prices sustain below its support level of 710 then the bearish momentum will take prices up to 700 levels. On other hand if the prices maintains above 725 then prices may find the next resistance level of 735.

Turmeric showed bearish movement last week, and able to found its important support level of 6322. If the prices maintain above its resistance level of 6650 then the bullish momentum will take prices 6300 level. On other hand if the prices sustains below the support level of 6800 then prices find the next support level of 7000.

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