MARKET WRAP GOLD
Last week MCX Gold ended downside on volatile path ahead of mixed fundamental released from united states. The dollar rose against major currencies as markets grew more convinced the Fed will raise interest rates next month. In Previous week MCX Gold were down by 0.51% and settled at INR 25243 while COMEX gold closed with 1.46% downside. In coming week we can expect bearish movment in Gold if sustain below the level of 25500 then it can test the level of 25200-25000.
MARKET WRAP SILVER
Bullion counter, Silver traded weaker last week amid tracking international markets. Low retail investors demand, stronger USD and equity market. Next week it may continue its weaker trend. MCX Silver were down by 0.76% last week and settled at INR 33589 while COMEX Silver closed at USD 14.14 with 1.81% 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 ended with positive note despite of US crude inventories grew by 252,000 barrels last week to 487.3 million barrels, close to record highs, according to data from the EIA, highlighting that more crude is being produced than needed. MCX Crude were up by 5.36% last week and settled at INR 2833 while NYMEX Crude closed at USD 41.57 with 1.17% upside. For the coming week we can expect bulish movement if it sustain above 2700 then it can test the level of 2850-2930.
MARKET WRAP COPPER
Copper prices fallen last week due to continue China's economic slowdown and its transition to more consumer-led economic growth and away from exports and manufacturing. MCX Copper prices down with 5.52% last week and closed at INR 317.70 while COMEX Copper closed at USD 2.032 with 5.58% downside. Next week we can expect bearish movment in MCX Copper and it can test the level of 295-289 levels if it sustain below 304.