MARKET WRAP GOLD
Last week MCX Gold ended downside due to robust dollar, which is trading near an eight-month high against a basket of major currencies, boosted by euro weakness and prospects of higher U.S. rates..
In Previous week MCX Gold were down by 0.73% and settled at INR 25059 while COMEX gold closed with 1.97% downside. In coming week we can expect bearish movment in Gold if sustain below the level of 25100 then it can test the level of 24800-24650.
MARKET WRAP SILVER
Bullion counter, Silver futures looked set to post 1% weekly gain, snapping a five-week losing streak. A weak rupee has also kept local silver prices relatively strong compared with a slump in U.S. dollar.
MCX Silver were up by 0.33% last week and settled at INR 33701 while COMEX Silver closed at USD 14.01 with 0.92% downside. For the coming week we can expect bearish movment in MCX Silver and can test the level of 34400-34000 if it sustain below 34500.
MARKET WRAP CRUDE OIL
Last week Crude Oil traded sideways for the entire week in the range of 2700-2890 and ended with negative note but traded with slightly bullish sentiments ahead of geopolitical risks in the middle east. US crude oil inventory fell to 1.0 M from 1.2M expected last week. MCX Crude were down by 0.42% last week and settled at INR 2821 while NYMEX Crude closed at USD 41.77 with 0.48% upside. For the coming week we can expect bulish movement if it sustain above 2750 then it can test the level of 2950-3050.
MARKET WRAP COPPER
Copper prices witnessed consolidated movement in rage of 293-311 for the week and ended on positive note as nine large copper producers in China have agreed to cut refined metal production by more than 200,000 tonnes in 2016 from this year. MCX Copper prices up by 0.90% last week and closed at INR 300.15 while COMEX Copper closed at USD 2.064 with 1.57% upside. Next week we can expect slightly bullish movment in MCX Copper and it can test the level of 309-315 levels if it sustain above 295.