Last week MCX Gold traded downside as Hedge funds reduced bullish bets to more than five year lows ahead of the Fed decision. The RBI issued guidelines on Thursday for the Gold Monetisation Scheme that allow banks to fix their own interest rates on gold deposits.
In Previous week MCX Gold were down by 1.26% and settled at INR 26809 while COMEX gold closed with 1.08% downside. In coming week we can expect bullish movment in Gold if sustain above the level of 26700 then it can test the level of 26900-27300.
MARKET WRAP SILVER
Last week MCX Silver tracked gold prices with for taking cues about the market sentiments. Navaratra and Dushera ended, now People are waiting for Diwali known as auspicious period for buying Gold and other precious metal like Silver.
MCX Silver were down by 1.19% last week and settled at INR 36942 while COMEX Silver closed at USD 15.84 with 1.25% downside. For the coming week we can expect bullish movment in MCX Silver and can test the level of 37300-37800 if it sustain above 35800.
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 to 8M from expected 3.5M created pressure on crude oil prices in later part of the week.
MCX Crude were down by 4.19% last week and settled at INR 2927 while NYMEX Crude closed at USD 44.75 with 5.31% downside. For the coming week we can expect downside movement if it sustain below 3025 then it can thest the level of 2925-2800.
MARKET WRAP COPPER
Copper prices bearish movement last week as world’s crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 131 million tonnes (Mt) in September 2015 which is -3.7% decrease compared to September 2014.
MCX Copper prices down with 1.80% last week and closed at INR 340.30 while COMEX Copper closed at USD 2.350 with 2.16% downside. Next week we can expect bearish movment in MCX Copper and it can test the level of 336-332 levels if it sustain above 342.