Gold Future Prices Gain as Trump Announces New China Tariff
Gold prices rose on Friday in Asia after United State President Donald Trump announced new tariffs on more Chinese goods.Overnight, Trump said in a tweet that his administration would on Sept. 1 be putting a “small additional tariff of 10%” on the remaining $300 billion of goods and products coming in from China.The move was due to its apparent lack of commitment to secure a trade deal with the United State., the president said.The new tariffs are on top of the 25% tariffs on $250 million of imported Chinese goods.Gains for the yellow metal were limited amid disappointment over what was deemed an inadequate U.S. interest-rate cut.
Oil rallies more than 3%, recouping some losses from Trump tariffs comments
Oil prices jumped more than 3% on Friday, a partial rebound from their biggest daily drop in several years on U.S. President Donald Trump’s vow to impose more tariffs on Chinese imports.The tariffs, due to take effect on Sept. 1, intensify the trade war between the world’s top two economies and oil consumers. Any resulting economic slowdown could hurt crude demand.The U.S. crude benchmark gained $1.71, or 3.2%, to settle at $55.66 a barrel, a day after tumbling nearly 8%, the biggest loss in more than four years.
Copper hits 2-yr low; Fresh tariff threats, poor US job figures weaken LME base metals
Largely prompted by fresh tariff threats against China from United States president Trump, investors took caution and reduced risk-exposure in commodities, while a fresh batch of weaker-than-expected jobs data from the US further compounded broadly volatile trade conditions. Volumes traded in the red metal were high over the day, with more than 27,000 lots exchanged by the close, the largest turnover in copper since July 19, when more than 30,000 lots changed hands.
MCX Gold last week showed strong bullish movement and broke its important psychological resistance level of 36000 after a long time as well as able to close above this level. For upcoming trading session, if price trades above 36350 then it may give more upside movement up to next resistance level of 36600 and if price takes some correction from higher levels than it can test its immediate support level of 35900 and after that 35500 will act as a next strong support level.
Better strategy in MCX GOLD is to buy above 36350 for the target of 36750 with stop loss of 35950.
MCX Silver last week was quite volatile. For upcoming week it may give some positive movement, if price maintains above 41500 and we will continue to suggesting bullish overview up to next resistance level of 42000. On lower side it has immediate support level at 41000 and if price sustains below this level then it can push for sharp correction from higher to lower side towards next support level of 40500 and after that we expect reversal trend from bullish to bearish.
Better strategy in MCX SILVER is to buy above 41500 for the target of 42300, with stop loss of 40500.
MCX Crude oil last week showed slight positive movement but suddenly it took reverse movement from its bearish resistance line i.e. 4050 levels, as shown in daily chart. For upcoming period, if price breaches 3850 levels then price will slides towards next support level of 3750 as well as again bearish bias will active and if price takes reverse movement from support level then price will take quick recovery from lower levels up to next resistance level of 3950 and if price maintains above this level then 4050 will act as a next important resistance level.
Better strategy in MCX CRUDE is to sell below 3850 for the target of 3650, with stop loss of 4100.
MCX Copper last week showed strong bearish movement and close around its immediate support level of 430. For upcoming session, if price trades below 430 levels then this momentum can find next major support level of 420 as well as downward trend will remain continue. On higher side it has psychological resistance level at 440 and above this level we expect slight positive movement as well as quick recovery from lower levels up to next resistance level of 450 and above this level again bullish scenario will active.
Better strategy in MCX COPPER is to sell below 430 for the target of 420, with stop loss of 450.
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