MARKET WRAP GOLD
Last week MCX Gold traded upside as major economic events in U.S. i.e Core Retail Sales, Retail Sales and PPI were lower than epected supported by beginning of Navaratras an auspicious period of making a fresh purchases of Gold in Hindu religion. In Previous week MCX Gold were up by 1.98% and settled at INR 27150 while COMEX gold closed with 1.69% upside. In coming week we can expect bullish movment in Gold if sustain above the level of 26900 then it can test the level of 27300-27500.
MARKET WRAP SILVER
Last week MCX Silver tracked gold prices with for taking cues about the market sentiments. Festive season has been started as the beginning of Navaratras in Indian hindu religion which creates a high demand of precious metal due to auspicious period. MCX Silver were up by 1.50% last week and settled at INR 37387 while COMEX Silver closed at USD 16.04 with 1.58% upside. For the coming week we can expect bullish movment in MCX Silver and can test the level of 37800-38500 if it sustain above 36800.
MARKET WRAP CRUDE OIL
Last week Crude Oil ended with negative note ahead of bearish sentiments in global market as U.S. crude stocks unexpectedly surged by 7.6 million barrels form 2.2 million last week created pressure on crude oil prices in later part of the week. MCX Crude were down by 4.68% last week and settled at INR 3055 while NYMEX Crude closed at USD 47.26 with 5.56% downside. For the coming week we can expect consolidated movment in MCX Crude and can trade in range of 2850-3300.
MARKET WRAP COPPER
Copper prices witnessed consolidated movement last week as prices rose on hope for further production cuts by miners and world’s larges copper mines expansion plans has been postponed but precies pressurized by lower economic data released last week. MCX Copper prices down with 0.35% last week and closed at INR 346.55 while COMEX Copper closed at USD 2.411 with 037% downside. Next week we can expect bearish movment in MCX Copper and it can test the level of 343-340 levels if it sustain above 349.