Gold Steadies on Bets or Fed Cut Despite Q2 U.S. GDP
Gold bulls are wagering they have little to lose in their bets for a Fed rate cut, to the extend that a better-than-expected Q2 GDP hasn’t dissuaded those long on the precious metal in anticipation of the first U.S. monetary easing in a decade. Gold futures for August delivery, traded on the Comex division of the New York Mercantile Exchange, settled up $4.60, or 0.3%, at $1,419.30.For the week though, spot gold dropped by 0.4% while Comex futures slid by 0.5%. Gold futures in New York are up about 10.8% for the year. Those losses came after gold suffered its sharpest one-day slide in three weeks on Thursday when the European Central Bank decided to hold on to rates instead of adopting a cut as some expected.
Oil gains on U.S. economic data, Gulf crude tanker dispute
oil prices inched up on Friday, ending the week higher after stronger-than-expected U.S. economic data brightened the crude demand outlook and concerns over the safety of oil transport around the Strait of Hormuz threatened supply. Brent crude futures LCOc1 settled at $63.46 a barrel, up 7 cents. They clocked a weekly rise of about 1.7%.U.S. West Texas Intermediate crude CLc1 settled at $56.20 a barrel, rising 18 cents. It gained about 1.2% on the week. Broader economic slowing, particularly in Asia and Europe, could weaken crude demand outside of the United States and kept prices in check.
LME Aluminium dips 1.3% amid fresh inflows; nickel holds above $14,000/t
MCX Gold last week took correction from higher to lower side after bullish movement and close around its major support level of 34700. For upcoming period, if price breaks 34700 then this momentum can give more downside movement towards next support level of 34500 as well as trend may also change. On higher side it has strong resistance level at 35000 and above this level price will push for quick recovery from lower levels up to next resistance level of 35300.
Better strategy in MCX GOLD is to sell below 34600 for the target of 34200 with stop loss of 35100.
MCX Silver last week showed sideways to bullish movement and close near its major resistance level of 41400. For upcoming session, if price trades above 41400 then it will continue with upward trend up to next resistance level of 41900 and if price took reverse movement from resistance level then it can take sharp correction from higher levels towards next support level of 40900 and if price sustains below this level then 40500 will act as a next immediate support level.
Better strategy in MCX SILVER is to sell below 40800 for the target of 40000, with stop loss of 41900.
MCX Crude oil last week was quite volatile. For upcoming week we will keep bearish overview, if price trades below 3850 levels and after that 3750 will be next immediate support level. On higher side it has psychological resistance level at 3900 and if price maintains above this level then this momentum can take quick recovery from lower to higher side up to next resistance level of 4000 and above this level we will continue to suggesting bullish trend up to next resistance of 4100.
Better strategy in MCX CRUDE is to sell below 3800 for the target of 3600, with stop loss of 4050.
MCX Copper last week showed sideways to bearish movement and able to close near its immediate support level of 445. For upcoming trading session, if price breaches 445 levels then again bearish bias will active towards next support level of 435. On higher side, if price takes recovery then it can find immediate resistance level at 455 and if price manages above this level 465 will act as a next important resistance as well as trend may also change.
Better strategy in MCX COPPER is to sell below 445 for the target of 435, with stop loss of 465.