The trend of Gold is Bullish. Gold jumps by 653 points and ended at 30880 in this week as compare to last week closing of 30227. Fed rate’s hike and trade war between US and China impact the most which weakens the Dollar that leads the prices of gold higher. We expect Gold to to continue the rally as the pressure on Dollar index is still on due to ongoing trade war scenario. Buy on Dips strategy would be better to follow for next week.
The Lead can remain sideways with positive bias. The base metals are under pressure since the fear of trade war spiked by US president Donald Trump decision to impose import tariffs on Aluminium and Steel. Lead fell by 2.65 points and ended lower at 152.60 this week, but Lead is finding support at 150 since three weeks. We can expect some bounce from these levels in upcoming days. Buy on Dips would be better to follow.
The crude oil can remain sideways with positive bias. A sharp rally in the prices of Crude oil has been seen in this week due to continue efforts of OPEC and its allies to curb supplies. The tension between Iran and Saudi Arabia has also leading the prices higher. Crude oil closed 212 points plus at 4266 as compare to the last week price of 4054.We expect some profit booking by traders in upcoming days but restriction on supplies will provide support.
The Trend of Copper is sideways with negative bias. The ongoing trade war between US and China keeping the pressure on the prices of base metals. This week copper falls by 15.15 points and ended lower at 433.75. The retaliation by China to US tariffs kept the pressure on Copper in the end of this week too. We expect Copper to trade in a range of 428 – 445. Sell on high strategy can be follow for upcoming week.
The Zinc can remain sideways with positive bias. The base metals are under pressure since the fear of trade war spiked by US president Donald Trump decision to impose import tariffs on Aluminium and Steel. Zinc is finding support at 207 since three weeks. We can expect some bounce from these levels in upcoming days. Buy on Dips would be better to follow.
The trend of Aluminium is bullish. Weak Dollar and higher stockpiles of LME Aluminum lead the prices higher this week. Weak Dollar leads the expectation of higher global demand for the hard metals. LME Aluminium stocks rose by 31275 tonnes, to a total of 158925 tonne increase, and ended at the biggest weekly gain since May 2009. Some spikes have been triggered in the prices due to the closing of China Markets. Buy on Dips would be better to follow in this week.
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