Gold on track to snap 7-session win streak as global stocks rise
Gold futures on Friday were on pace to halt a seven-session string of daily gains as investors turned from the perceived safety of precious metals to equities, ahead of a closely watched U.S. jobs report. August gold on Comex GCQ19, +0.35% lost $3.40, or 0.3%, to $1,339.30 an ounce, on track to halt the longest daily win streak since Jan. 5, 2018, but the yellow metal was on poised for the best weekly gain, up 2.4%, since the week ended Aug. 24, according to Fact Set data, based on the most-active contracts. “The yellow metal is poised for another major move higher if we see further dollar weakness. Fed cut rate bets have been on an upward trajectory and that could be confirmed if we see the strongest part of the U.S. economy, the labor market show signs of weakness.
Oil Prices Extend Rebound on Saudi Assurance on Cut Extension
Oil prices extended their recovery Friday, notching the best two-day gain since April as Saudi Arabia’s energy minister assured markets that the production cut agreement between OPEC and allies led by Russia would be extended, albeit in tweaked form.“I don’t think the question is at all whether we will extend or not,” Saudi Energy Minister Khalid Al-Falih said at the St. Petersburg International Economic Forum following discussions with Russia. “A rollover is almost in the bag for OPEC. The question is to calibrate with non-OPEC if there needs to be an adjustment from the first half.”
LME lead price falls 1.4% in lackluster morning trading; tin nears $19,500/t
Lead’s three-month price on the London Metal Exchange was lower during morning trading on Friday June 7, with price action falling back to $1,860 per tonne after breaching the nearby $1,900 per tonne resistance level on Thursday following a 2% climb.The announcement of Nyrstar’s decision to declare force majeure at its Port Pirie smelter in Australia sent lead futures surging on Thursday.
MCX Gold last week showed bullish movement and broke its major resistance level of 32500 and also found its psychological resistance level i.e. 33000 levels. For upcoming week if price maintain above 33000 then it can test next immediate resistance level of 33750 as well as bullish scenario will remain active and if price takes reversal movement from higher levels than it can push for sharp correction towards its support level of 32500 and if price sustains below this level then this momentum can find next support of its support level i.e. 32000.
Better strategy in MCX GOLD is to buy above 33100 for the target of 33600 with stop loss of 32500.
MCX Silver last week showed bullish movement and broke its strong resistance level of 36750 but at the end of the week it took resistance of upper band of channel pattern. For upcoming session if price manages above 37500 then we expect some more recovery up to next resistance of 38000 and above this level again bullish bias will active up to next resistance of its upper key line i.e. 39000 levels. On lower side it has again psychological level of 36500 and if price sustains below this level then it can test its lower key line as well as support level of 35500.
Better strategy in MCX SILVER is to sell below 36800 for the target of 35800, with stop loss of 37800.
MCX Crude oil last week showed strong bearish movement and found support level of 3522. For upcoming trading session it may continue with downward trend, if price breaks 3600 levels and below this level it has next strong support of 3400 and if price takes quick recovery then it can find initial resistance level of 3800 and if price manages above this level then after that 4000 will act as a next resistance level as well as trend may also change.
Better strategy in MCX CRUDE is to buy above 3750 for the target of 3950, with stop loss of 3500.
MCX Copper last week showed sideways to bearish movement and broke its bearish support line of 410 and found support level of 402. For upcoming period if it will continue with down trend then it may test next psychological support of 390. On higher side it has important resistance of 415 and if price maintains above this level then it will attempting for quick recovery from lower to higher side and test next resistance of 430 as well as we can keep bullish overview.
Better strategy in MCX COPPER is to buy above 410 for the target of 420, with stop loss of 395.
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