Weekly Commodity Market OutlookMARKET WRAP GOLD
Last week MCX Gold ended positive after six-week losing streak as a slump in the dollar buoyed the metal above 2010 lows ahead of lower ISM Manufacturing PMI and ISM NonManufacturing PMI. In Previous week MCX Gold were up by 2.62% and settled at INR 25715 while COMEX gold closed with 2.82% upside. In coming week we can expect bearish movment in Gold if sustain above the level of 25500 then it can test the level of 25750-25850.
Outlook
Trend: Consolidate Resistance: 26180, 26650
Support: 25090, 24460 Strategy: Buy on dips
MARKET WRAP SILVER
Bullion counter, Silver futures closed on positive note for second consecutive week due to tracking international market supported by various negative economic events released last week by united states. MCX Silver were up by 4.44% last week and settled at INR 35198 while COMEX Silver closed at USD 14.53 with 3.71% upside. For the coming week we can expect bullish movment in MCX Silver and can test the level of 35500-35700.
Outlook
Trend: Consolidate Resistance: 35880,36560
Support: 33960, 32730 Strategy: Buy on dips
MARKET WRAP CRUDE OIL
Last week Crude Oil traded upside ahead of U.S. crude oil exports jumped nearly 91,000 barrels per day in October, mostly due to a major increase to Canada, foreign trade data from the U.S. Census Bureau showed on Friday. MCX Crude were down by 4.86% last week and settled at INR 2684 while NYMEX Crude closed at USD 40.13 with 1.64% downside. For the coming week we can expect bearish movement if it sustain below 2730 then it can test the level of 2600-2550.
Outlook
Trend: Consolidate Resistance: 2800, 2920
Support: 2610, 2540 Strategy: Buy on dips
MARKET WRAP COPPER
Copper future prices witnessed bullish movement for the first time since October after a report showed U.S. employers added more jobs than forecast in November, boosting demand prospects. MCX Copper prices up by 3.10% last week and closed at INR 312.25 while COMEX Copper closed at USD 2.077 with 0.63% upside. Next week we can expect slightly bullish movment in MCX Copper and it can test the level of 315-318 levels if it sustain above 310.
Outlook
Trend: Consolidate Resistance: 315, 320
Support: 305, 300 Strategy: Buy on dips