MARKET WRAP GOLD
Last week MCX Gold ended on flat note by witnessing bearish movement in initial part of the week due to rebound in global equity markets and bullish movement in later part the week ahead of weaker dollar and fall in equity. In Previous week MCX Gold up by 0.50% and settled at INR 26112 while COMEX gold closed downside with 1.43%. In coming week bearish movment is expecteed in Gold if sustain below the level of 26300 then it can test the level of 26000-25800.
Trend: Consolidate Resistance: 26380, 26650
Support: 25680, 25250 Strategy: Sell on High
Last week Crude Oil traded downside ahead of global economic activities such as slowdown in chienies economy, an imminent rise in Iran's exports and Indonesia expects to raise the minimum bio content of gasoil in the country by a quarter to 20 percent in 2016 MCX Crude were down by 11% last week and settled at INR 1996 while NYMEX Crude closed downside with 5.88%. For the coming week we can expect bearish movement if it sustain below 2050 then it can test the level of 1900-1830.
Trend: Consolidate Resistance: 2150, 2310
Support: 1310, 1830 Strategy: Sell on High