Last week MCX Gold tracked international market and ended with positive note to touch three weeks high after a report showing orders for business equipment stalled in the U.S., fueling speculation that the Fed will hold off on raising interest rates until next year. In Previous week MCX Gold were up by 1.00% and settled at INR 26734 while COMEX gold closed with 066% upside. In coming week we can expect bullish movment in Gold if sustain above the level of 26650 then it can test the level of 27300-27500.
MARKET WRAP SILVER
Last week MCX Silver witnessed consolidated movement for entire week and closed on almost flat note. It was observed that Silver tracekd the gold prices in international market due to less industrial demand after federal researve report and Fed Chairman Yellen speak. MCX Silver were down by 0.05% last week and settled at INR 36072 while COMEX Silver closed at USD 15.05 with 0.66% downside. For the coming week we can expect upside movment in MCX Silver and can test the level of 37000-37450 if it sustain above 35400.
MARKET WRAP CRUDE OIL
Crude Oil showed consolidated movement for the entire week. It showed slightly upside movement in mid week after lower crude oil inventories fall from -1.0M to -1.9M was offset by large gasoline builds that raised concerns about high autumn fuel supplies. MCX Crude were up by 2.09% last week and settled at INR 3031 while NYMEX Crude closed at USD 45.34 with 0.98% upside. For the coming week we can expect upside movment in MCX Crude and can test the level of 3260-3400 if it sustain above 3050.
MARKET WRAP COPPER
Copper witnessed volatile movement but ended on negative note. Metal came under pressure after Yellen speak that policymekars do not expect recent global economin and policy maker developments to significantaly affect the Fed policy. MCX Copper prices down with 3.64% last week and closed at INR 337.80 while COMEX Copper closed at USD 2.27 with 4.62% downside. Next week we can expect bearish movment in MCX Copper and it can test the level of 330-324 levels if it sustain below 340.
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