Last week MCX Gold witnessed upside movement and close on positive note. Uncertainty about hike in interest rates in the US and movement of dollar index can give further direction to Gold price movement. In Previous week MCX Gold were up by 2.10% and settled at INR 26622 while COMEX gold closed with 1.70% upside. In coming week we can expect bullish movment in Gold if sustain above the level of 26600 then it can test the level of 27000-27200.
MARKET WRAP SILVER
Last week MCX Silver tracked international procies with bullish sentiment and closed on positive note as recently Federal Reserve meeting minutes showed policymakers at the U.S. central bank were unsettled by signs of a global economic slowdown. MCX Silver were up by 6.63% last week and settled at INR 36833 while COMEX Silver closed at USD 15.79 with 3.81% 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 36500.
MARKET WRAP CRUDE OIL
Last week Crude Oil ended with positive note due to bullish sentiments in global market i.e. expectations of falling production and growing global demand have boosted the market and Concerns about Russia's military operations in Syria also supported crude prices. MCX Crude were up by 7.88% last week and settled at INR 3205 while NYMEX Crude closed at USD 50.04 with 9.64% upside. For the coming week we can expect bullish movment in MCX Crude and can test the level of 3300-3400 if it sustain above 3150.
MARKET WRAP COPPER
Copper rose last week after recent production cuts by Glencore boosted sentiment towards base metals as demand is not coming back from China and the market is standing up to reality and starting to make the necessary cuts. MCX Copper prices up with 2.90% last week and closed at INR 347.75 while COMEX Copper closed at USD 2.411 with 2.86% downside. Next week we can expect bullish movment in MCX Copper and it can test the level of 354-360 levels if it sustain above 340.