MARKET WRAP GOLD
Last week MCX Gold traded downside as India launched its ambitious Gold Related Scheme on Thursday in a bod to curb the problems posed by rising imports. India launched gold monetisation, gold bond, gold bullion and gold coin schemes in New Delhi. In Previous week MCX Gold were down by 3.68% and settled at INR 25523 while COMEX gold closed with 4.63% downside. In coming week we can expect bearish movment in Gold if sustain below the level of 25850 then it can test the level of 25700-25550.
MARKET WRAP SILVER
Bullion counter, Silver traded weaker last week tracking subdued international markets after U.S. data showed job growth surged in October, making it likely the Federal Reserve will hike interest rates in December. MCX Silver were down by 4.33% last week and settled at INR 34910 while COMEX Silver closed at USD 14.72 with 5.09% downside. For the coming week we can expect bearish movment in MCX Silver and can test the level of 34500-34200 if it sustain below 35500.
MARKET WRAP CRUDE OIL
Last week Crude Oil ended with note as U.S. crude oil inventories rose for a sixth straight week as domestic production increased, outweighing a drop in imports to the lowest level since 1991, data from the Energy Information Administration showed. MCX Crude were down by 3.85% last week and settled at INR 2950 while NYMEX Crude closed at USD44.54 with 4.01% downside. For the coming week we can expect bearish movement if it sustain below 3000 then it can test the level of 2900-2800.
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 2.30% last week and closed at INR 328.80 while COMEX Copper closed at USD 2.243 with 3.15% downside. Next week we can expect bearish movment in MCX Copper and it can test the level of 325-320 levels if it sustain below 329.