Precious metal Gains, Set to Record Weekly Gain; Dollar Also Trade Higher
On Friday Gold prices gained on Friday and is set to record its first weekly gain in four, while the dollar also traded higher although it is still hovering near two-month lows. On Sept. 26 Investors looked ahead to the next Federal Reserve policy decision to be announced. Dollar falls in this week came as safehaven demand for the U.S. currency ebbed amid continued relief that fresh Chinese and U.S. costs on reciprocal imports were less harsh than originally feared. The U.S. slapped tariffs on Monday of 10% on $200 billion in Chinese goods, before they rise to 25% by the end of 2018, rather than an outright 25%.
Oil Prices Higher on Supply Worry, as Trump Asks OPEC to Lower Prices
Crude Oil prices were slightly higher on Friday, as supply concerns weighed on investors but were kept down after U.S. President Donald Trump asked the Organization of the Petroleum Exporting Countries and Russia to lower prices. Donald Trump asked Organization of the Petroleum Exporting Countries to keep prices lower, tweeting, “We protect the countries of the Middle East, they would not be safe for verylengthy without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!”
On Friday metals prices broadly up on weak dollar, easing trade tensions; zinc, lead buck the trend.
On the Shanghai Futures Exchange metals prices were broadly up during Asian morning trading on Friday September 21, with the complex supported by fresh buying amid a weaker dollar and easing trade tensions between the China and United States. Friday morning; a weaker US currency provided broad support to the SHFE base metals; the dollar index stood at 93.91 as at 10.13am Shanghai time, compared with 94.48 at roughly the same time on Thursday. Overnight, the index had dropped as low as 93.80, its lowest point since early July.
MCX Gold last week showed sideways to bullish movement and close around its major resistance level of 30900. For upcoming trading session if price maintains above 30900 then this upward movement can take price up to next resistance of 31400 and also takes some recovery from lower to higher levels. On lower side it has major support of 30400 and if price breaches this level then 30000 will act as a next important support level and trend may also change from bullish to bearish.
Better strategy in MCX GOLD is to sell below 30500 for the target of 30200 with stop loss of 30950.
MCX Silver last week showed some upward side movement and broke its bearish resistance line of 37500 as well as also able to close around its next resistance level i.e. 38000. For upcoming period if it breaks 38000 then it will take quick recovery and price may test next resistance level of 38500 and above this level 39000 will be next resistance level.\ On lower side it has support of its bullish line i.e. 37000 levels and if price sustains below this level then 36500 will act as a next crucial support.
Better strategy in MCX SILVER is to sell below 37300 for the target of 36700, with stop loss of 38300.
MCX Crude oil last week showed bullish movement. For upcoming session if it break its important resistance level of 5180 then we will continue to suggests bull run up to next major resistance level of 5300 and if takes some correction from higher level then it goes down and test support of 5000 and price sustains below 5000 then it can change trend and this bearish momentum may take price towards next support level of 4900 and after that 4800 will be next resistance level.
Better strategy in MCX CRUDE is to sell below 5000 for the target of 4800, with stop loss of 5250.
MCX Copper last week showed sideways to upward trend and tests its important resistance level of 460. For upcoming week if price breaches 460 then it will continue with bullish trend and price goes upside up to next resistance level i.e. 470. On lower side it has strong support of 440 and if price sustains below this level it will push for some correction from higher to lower level towards next support of 430 and after that trend may also change.
Better strategy in MCX COPPER is to sell below 438 for the target of 428, with stop loss of 453.
Guar gum showed sideways movement last week, and found its important support around the level of 9000. If the prices sustains below its support level of 9180 then the bearish momentum will take prices up to 8900 level. On other hand if the prices maintains above 9580 then prices may find the next resistance level of 9880.
Soyaref showed sideways to bearish movement last week and found the support level of 729. If the prices sustain below its support level of 725 then the bearish momentum will take prices up to 715 levels. On other hand if the prices maintains above 740 then prices may find the next resistance level of 755.
Turmeric showed sideways to bearish movement last week, and able to close around its important support level of 6440. 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 6400 then prices find the next support level of 6200.
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