Precious metal Hits $1,300, but Closes Down; Awaits Direction as Powell Turns ‘Patient’
On Friday Gold hit its much-awaited $1,300 target Friday, triggering an equally anticipated profit-taking raid that allows the market a breather after a three-week buildup. The yellow metal ended the week in positive territory, helped by gains in the past three sessions. It was the first lower settlement for gold since the start of the New Year. Gold and Stocks typically move in opposite directions. U.S. nonfarm payrolls grew by 312,000 in December, almost double economists’ expectations, sending Wall Street buyers into frenzy. Even so, as stock market traders gold bugs might have as much optimism going forward.
Crude Oil Follows Wall Street to End up Again; Products Build Casts Doubts on Rally
On Friday Crude Oil prices rose for a sixth-straight day, rallying as much as 4% in early trading before settling off the highs. The market achieved 3.7% in its first week of 2019 and a whopping 12% from the 18-month lows of $42.36 for U.S. crude on Christmas Eve. after reaching a three-week high of $49.22 in intraday trade, In the latest session, U.S. West Texas Intermediate crude settled up 87 cents, or 1.2%, at $47.09 per barrel, Still Also pushing the market higher was China’s affirmation that it will come to the counter again next Monday for high-level talks with U.S. officials to try and resolve their trade war.
On the weekend prices of base metals continue uptrend; copper up 3%
On Weekend January 4 Base metals prices on the London Metal Exchange continued their uptrend at the close of trading, buoyed by strong gains in the US stock indices while depleting LME stocks keep prices elevated, Copper’s three-month price was the best performer over the afternoon, On Friday progress toward a U.S.-China trade deal was upbeat, however. China’s Commerce Ministry confirmed that a delegation of U.S. officials will travel to Beijing for a new round of trade talks on Monday and Tuesday.
MCX Gold last week was quite volatile and close around its bullish support line i.e. 31450. For upcoming week if price breaks and sustains below 31450 then this bearish momentum can take price towards next support of 31100 and below this level down trend will active and it can test 30900 levels. On upward side it has immediate resistance of 31700 and it maintains above this level then it may push for recovery for near term up to next important resistance level of 32000.
Better strategy in MCX GOLD is to sell below 31400 for the target of 31000 with stop loss of 32000.
MCX Silver last week showed some bullish movement and also broke its major resistance level of 39000 but unable to holds above its bearish resistance line i.e. 39550 levels. For upcoming trading session it may take sharp correction from higher levels towards initial support of 38900 and if price breaches this level then 38500 will act as a next crucial support level. On higher side it has resistance of 39400 and after that 39900 will be next resistance as well as bullish scenario may active.
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 took some recovery from lower levels and broke its bearish resistance line of 3300 as well as also test next important resistance level of 3400 and also close around this level. For upcoming session if price breach and maintains above 3400 then it will keep the bullish bias valid up to next resistance level of 3500. On lower side it has strong support of 3200 and holding below it again will press the price to decline towards next support of 3100 for near term basis.
Better strategy in MCX CRUDE is to sell below 3200 for the target of 3050, with stop loss of 3400.
MCX Copper last week showed strong bearish movement and test its major support level of 400 but unable to close below this level. For upcoming period it can take quick recovery from lower levels up to next important resistance level of 415 and if price maintains above this level then bullish trend will resumes and price will test next resistance of 430. On lower side it has immediate resistance of 405 and if price sustains below this level then after that 395 will act as a next support level.
Better strategy in MCX COPPER is to sell below 403 for the target of 393, with stop loss of 418.
Guar gum showed sideways to bullish movement last week, and found its important resistance around the level of 8750. If the prices sustains below its support level of 8480 then the bearish momentum will take prices up to 8140 level. On other hand if the prices maintains above 8750 then prices may find the next resistance level of 9075.
Soyaref showed bullish movement last week and found the resistance level of 735. If the prices maintain above its resistance level of 738 then the bullish momentum will take prices up to 745 levels. On other hand if the prices sustain below 727 then prices may find the next support level of 719.
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 6850 then the bullish momentum will take prices 7000 level. On other hand if the prices sustains below the support level of 6480 then prices find the next support level of 6240.
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