Weekly Commodity Report

Dollar Unchanged but Gold Prices Slip Trades near 10-week High

On Friday Gold prices slipped but hovered near 10-week high after gaining 3% in the previous session, its biggest one-day gain in more than two years. On Thursday Gold prices recorded its largest daily percentage gain since June 2016 as global stock markets extended losses. Fears over rising bond yields also drove traders toward safe-haven assets. United States currency is now near its lowest level in nearly two weeks as falling United States treasury yields and further losses on global equities weighed on market sentiments. Gold Futures In the December contract slipped 0.3% and traded at $1,224.30 on the COMEX division of the New York Mercantile Exchange by 1:48 AM ET (05:48 GMT).

Crude Oil Prices Gain as Equity Markets Extend Slide; U.S. Crude Inventories Rose

Crude Oil prices gained on Friday as global equity markets extended their slide. Meanwhile, data from the Energy Information Administration (EIA) showed U.S. crude stockpiles jumped more than expected last week. For November delivery crude oil gained 0.52% to $71.34 per barrel at 12:01AM ET (04:01 GMT) on the New York Mercantile Exchange, while Brent Oil Futures for December delivery rose 0.6% to $80.74 a barrel on London’s Intercontinental Exchange. While Australia’s ASX 200 and Japan’s Nikkei 225 also traded slightly lower. China’s stocks also fell in Asia about 2% in morning trade.

In September low inventories drive China’s copper imports sharply higher

Copper product imports hit a two-year high in September, driven by an open import arbitrage window and market participants replenishing copper inventories amid low stockpiles in Shanghai-bonded and Shanghai Futures Exchange (SHFE) warehouses, According to the preliminary customs data. Market participants attributed the very high imports in September to an open import copper arbitrage window and low copper inventories.

TECHNICAL VIEW

Gold:

MCX Gold last week showed strong bullish movement and also broke its resistance line of 31700 and also able to close above this level. For upcoming week it may continue with upward trend if it breaks 32000 and above this level price may test next important resistance level of 32400. On lower side it has immidiate support of 31600 and below this level it may push for some correction from higher levels towards next support of 31200 and after that 30800 will act as a next support level.

 

STRATEGY

Better strategy in MCX GOLD is to buy above 32000 for the target of 32500 with stop loss of 31300.

TECHNICAL VIEW

SILVER:

MCX Silver last week showed choppy movement. For upcoming period it looks quite bullish and may also test important resistance level of 39500 and if price maintains above this level  it has bearish resistance line i.e. 40000 levels. On downward side it has crucial support of 38500 and if price sustains below this level then this bearish movement can take price towards next support of 38000 as well as takes sharp correction from higher to lower levels.

STRATEGY

Better strategy in MCX SILVER is to sell below 38200 for the target of 37200, with stop loss of 39700.

TECHNICAL VIEW

CRUDE:

MCX Crude oil last week showed sideways to bearish movement and also close around its immidiate support level of 5150. For upcoming trading session if it holds 5150 then it may gives more downside movement towards next important support level of 5050. On upward side it has initial resistance level of 5350 and if price maintains above this level then it can takes quick recovery from lower to higher levels up to next resistance level of 5450 as well as again continue with bullish trend.

STRATEGY

Better strategy in MCX CRUDE is to buy above 5400 for the target of 5600, with stop loss of 5100.

TECHNICAL VIEW

COPPER:

MCX Copper last week was quite volatile. For upcoming session if price maintains above 465 then it may continue with upward trend up to next resistance level i.e. 475 and after that 485 will be next resistance level. On lower side it has major support level of 450 and if it sustains below this level then it takes correction towards next support of 440 and also trend may change from bullish to bearish and also it test next strong support level of 430.

STRATEGY

Better strategy in MCX COPPER is to sell below 450 for the target of 440, with stop loss of 465.

Guar gum showed sideways movement last week, and found its important support around the level of 9060. If the prices sustains below its support level of 9000 then the bearish momentum will take prices up to 8700 level. On other hand if the prices maintains above 9400 then prices may find the next resistance level of 9700

Soyaref showed sideways to bullish movement last week and found the resistance level of 757. If the prices sustain below its support level of 750 then the bearish momentum will take prices up to 740 levels. On other hand if the prices maintains above 760 then prices may find the next resistance level of 770.

Turmeric

Turmeric showed sideways movement last week, and able to found its important support level of 6525. If the prices maintain above its resistance level of 6750 then the bullish momentum will take prices 6950 level. On other hand if the prices sustains below the support level of 6500 then prices find the next support level of 6300.

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