Weekly Commodity Report

 


Gold Steady after U.S. Jobs Surge; keep Eyes on Fed

Gold prices were minor changed on Friday after resurgent United State nonfarm payrolls data that showed employment leaping from a 17-month low as milder weather boosted activity in sectors like construction. It was a good United State jobs number, yes. But more importantly, will it prompt the Fed to rethink its patient stance on rate hikes? For investors in gold though, it raised the question of whether it may just be another thing to tilt the Federal Reserve, accused by some of being too dovish of late, the other way. Gold future for June delivery, traded on the Comex division of the New York Mercantile Exchange, settled the official trading session up $1.30, or 0.1%, at $1,295.60 per ounce.

Crude oil price rose 1.88%, after strong U. S jobs data; Shale Still in Focus

Crude oil price capped its longest winning streak in almost last 18 months as global supplies strained and positive United State economic indicators bolstered the demand outlook. Crude oil futures price gained 4.9 percent for the week, joining a U.S. stock-market rally that approached an all-time high on Friday. Already boosted by fresh signs of OPEC production cuts, crude was further buoyed by a monthly employment report that topped estimates. Friday’s expectation was enough for traders to shrug off the biggest jump in American drilling activity since May 2018.

Copper falls as supply increases, other metals rise on U.S.-China trade hopes   London base metals price bullish on Friday on hopes that the United States and China could soon strike a trade deal, while copper fell due to pressure from rising supply. United State President Trump said on Thursday that the United States and China were close to a trade deal during a meeting with Chinese Vice Premier Liu He. However, some details need to be worked out before a final agreement is reached, including the United States’ reluctance to remove $250 billion in tariffs on Chinese goods.

TECHNICAL VIEW

MCX Gold last week showed sideways to Bearish movement but at the end of week it took sharp recovery from lower levels. For upcoming period if price holds 31900 then again upward trend will resume up to next important resistance level of 32100 and above this level 32500 will act as a next resistance. On lower side it has immediate support of 31600 and below this level it can push for some correction from higher levels towards next support of 31300 and after that 31000 will be next support.

STRATEGY

Better strategy in MCX GOLD is to buy above 32000 for the target of 32400 with stop loss of 31500.


TECHNICAL VIEW

MCX Silver last week took reverse movement from its support level i.e. 37000 as well as it closed around its bearish resistance line of 37600. For upcoming session if price breaks 37600 then it can find next nearby resistance of 38000 and above this level it can test channel line resistance of 38500 as well as trend will also change and downwards side it has initial support at 37000 and if price breaks and sustains below this level then this bearish movement can take next support of 36500 and trend will also change.

STRATEGY

Better strategy in MCX SILVER is to sell below 37200 for the target of 36200, with stop loss of 38500.

TECHNICAL VIEW

MCX Crude oil last week broke its upper resistance line of 4250 levels and showed strong bullish movement. For upcoming week if price trades above 4400 level then we will continue to suggesting bullish overview up to next resistance level of 4500 and if price takes sharp correction from higher levels then we expect some downfall towards next support of 4300 and after that 4200 will act as a next strong correctional level.

STRATEGY

Better strategy in MCX CRUDE is to buy at 4350 for the target of 4500, with stop loss of 4150.

TECHNICAL VIEW

MCX Copper last week showed sideways to bullish movement but unable to close above its major resistance level of 450 and took reversal. For upcoming trading session it may shows some more down side movement, if price sustains below 440 levels and after that it has next crucial support at 430. On higher side it has immediate resistance level at 445 and if price manages above this level then some buying pressure will active and price can find new resistance level of 455 as well as we expect more bullish movement.

STRATEGY

Better strategy in MCX COPPER is to sell at 441 for the target of 431, with stop loss of 456.


Guar gum showed sideways movement last week, and found its important resistance around the level of 9280. If the prices sustains below its support level of 8865 then the bearish momentum will take prices up to 8625 level. On other hand if the prices maintains above 9280 then prices may find the next resistance level of 9505.

Soyaref showed bullish movement last week and found the resistance level of 732.75. If the prices maintain above its resistance level of 735.50 then the bullish momentum will take prices up to 744.50 levels. On other hand if the prices sustain below 724 then prices may find the next support level of 714.

Turmeric showed bullish movement last week, and able to found its important resistance level of 6640. If the prices maintain above its resistance level of 6650 then the bullish momentum will take prices 6825 level. On other hand if the prices sustains below the support level of 6400 then prices find the next support level of 6250.

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