Precious metal Prices Gain; Powell Delivers Bullish Assessment of U.S. Economy
On Friday in Asia Gold prices gained while the dollar was flat after Federal Reserve chairman Jerome Powell delivered a bullish assessment of the U.S. economy on Thursday.“U.S. economy is currently performing very well overall, with strong job creation and gradually rising wages,’’ said Powell in his final scheduled public remarks before the central bank goes into a blackout period before its Dec. 18-19 policy meeting. “In fact, by many national-level measures, our labour market is very strong.’’ on Thursday The Wall Street Journal reported that the Fed could tighten monetary policy at a slower pace than expected.
Crude Oil Prices as OPEC Postpones Output Decision
Crude Oil prices slipped on Friday morning in Asia, after the meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna failed to reach a final decision on cutting output. On Thursday The OPEC meeting failed to announce any output decision, as the oil producers delayed a decision to Friday following a discussion with Russia. Oil dived more than 3% and Brent crude dropped about 3.5% after the announcement on Thursday. United State crude inventories fell by 7.3 million barrels to 443.2 million barrels as of Nov. 30 from last week, the first drop in 11 weeks, according to the Energy Information Administration on Thursday.
On Friday metals prices mixed while market awaits direction from US data
On Friday December 7 metals traded on the Shanghai Futures Exchange exhibited mixed movements during Asian morning trading, with concerns over trade tensions between the United States and China continuing to dampen sentiment. On Friday a softer dollar overnight provided some support to the SHFE base metals, but with the release of the November US jobs report later, investors are likely to remain cautious until they have a better picture of the health of the labor market in the United States – and a likely direction in the dollar.
MCX Gold last week showed sideways to bullish movement and close around its resistance levels as seen on daily chart. It bounced from the lower band of channel pattern and now for upcoming week if price breaks and sustains above 31300 then it will continue with upward trend towards next important resistance level i.e. 31600. On lower side it has immediate support level of 30700 and sustaining below this level it may again drag towards the deeper support range of 30400-30100 i.e. towards lower band of channel pattern.
Better strategy in MCX GOLD is to sell below 31000 for the target of 30600 with stop loss of 31600.
MCX Silver last week showed upward side movement and able to close near its major resistance level of 37400. For upcoming period if it breaches this level then this bullish momentum can take price towards next resistance of 38000 and we will continue to suggest uptrend. On higher side it has major resistance of its key line i.e. 38200 levels while on lower side, any closing below the immediate support of 37000 may take it towards the next major support line of 36500.
Better strategy in MCX SILVER is to buy above 37700 for the target of 38500, with stop loss of 36600.
MCX Crude oil last week showed sideways movement and also closes slightly higher than its previous week closing. For upcoming session it may remain continue with bearish trend towards next support of 3400 and after that 3300 will act as a next important support level. On upper side if it takes sharp recovery then price may test resistance level of 3800 and above this level 3900 will be next immediate resistance level and trend may also change.
Better strategy in MCX CRUDE is to sell below 3600 for the target of 3400, with stop loss of 3900.
MCX Copper last week showed some sideways to bullish movement and close around its major resistace of 437. For upcoming trading session it may takes some recovery from lower to upper side and test resistance of 440 and price maintains above 440 then 450 will act as a next strong resistance level as well as trend may also change. On lower side it has initial support of 426 and if price sustains below this level then 415 will be next important support level.
Better strategy in MCX COPPER is to buy above 440 for the target of 450, with stop loss of 425.
Guar gum showed sideways to bearish movement last week, and found its important support around the level of 8700. If the prices sustains below its support level of 8600 then the bearish momentum will take prices up to 8350 level. On other hand if the prices maintains above 8980 then prices may find the next resistance level of 9270.
Soyaref showed bullish movement last week and found the resistance level of 735. If the prices sustain above its resistance level of 735 then the bullish momentum will take prices up to 740 levels. On other hand if the prices maintains below 720 then prices may find the next support level of 710.
Turmeric showed bearish movement last week, and able to found its important support level of 6500. If the prices maintain above its resistance level of 6700 then the bullish momentum will take prices 6900 level. On other hand if the prices sustains below the support level of 6500 then prices find the next support level of 6300.
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