New Delhi [India], Comex gold spot price maintained stability above US$2300, and closed the week at US$2332. Meanwhile, the Multi Commodity Exchange of India (MCX) Gold July contract witnessed a marginal rise of +0.86 per cent. Commodity of Choice is stabilizing at 71965 as per weekly report.
This growth momentum came after positive US inflation and PPI data, indicating inflationary pressures.
Despite the Federal Open Market Committee (FOMC) keeping the interest rates steady at 5.50 per cent, with expectations of only one rate cut this year, gold futures showed a bullish trend.Technical indicators on 4-hour chart pointed towards a possible resistance breakout at 72300, with further gains towards 73000 possible.
A stronger dollar index (DXY) and a decline in 10-year bond yields also contributed to the gold price dynamics.
Looking ahead, traders are advised to monitor upcoming US economic data releases for potential market impacts.
MCX silver futures remained volatile throughout the week, bouncing off the support level and closing at 89090.
Spot silver prices on Comex remained stable above US$28.66 and closed at US$29.54.Like gold, silver also experienced profit booking amid unchanged FOMC rates and anticipation of 25 basis points rate cut this year.
Technical analysis has shown a falling wedge pattern on the daily chart, suggesting a possible breakout above the resistance levels of 91200 – 93000 for further bullish momentum.
Gold/Silver ratio remained above 20-DMA at 78.33 and closed at 78.92. However, traders are advised to exercise caution as indicators such as RSI and MACD indicate bearish sentiments.
WTI crude futures fell a modest 0.2 percent to US$78.45 a barrel on Friday, hit by low US consumer confidence but supported by anticipated higher demand for the summer fuel.Market uncertainty over US rate adjustment was eased by positive news of Russia's pledge to cut crude oil production.
Technical charts suggested potential resistance at the 200 EMA on the daily chart, which would weigh on future price movements.
The weekly outlook for crude oil (MCX July) remains positive based on current technical levels and market sentiments.
US natural gas futures suffered a third straight day of decline and closed at US$2.88 per mmBtu, reflecting softening US temperatures despite early demand forecasts. MCX Natural Gas June contract closed at 2414, technical charts are indicating resistance level at 261.Despite short-term seasonal variations, weekly and daily charts indicated bearish market sentiment due to macroeconomic indicators and technical resistance.
Copper prices fell to a two-month low of US$4.4950 a pound on Friday, hit by a stronger dollar and rising stocks indicating a surplus.
MCX Copper closed this week at 856.9, up 0.37 percent. Despite the decline in US PPI and CPI data, technical indicators such as the 200-EMA at 852.7 offered support, indicating easing pricing pressure.
The inverted hammer candle on the weekly chart indicated potential strength, with the RSI indicating momentum around level 63.Sustained trading above 862 may indicate further upside in copper prices in the coming week.
This growth momentum came after positive US inflation and PPI data, indicating inflationary pressures.
Despite the Federal Open Market Committee (FOMC) keeping the interest rates steady at 5.50 per cent, with expectations of only one rate cut this year, gold futures showed a bullish trend.Technical indicators on 4-hour chart pointed towards a possible resistance breakout at 72300, with further gains towards 73000 possible.
A stronger dollar index (DXY) and a decline in 10-year bond yields also contributed to the gold price dynamics.
Looking ahead, traders are advised to monitor upcoming US economic data releases for potential market impacts.
MCX silver futures remained volatile throughout the week, bouncing off the support level and closing at 89090.
Spot silver prices on Comex remained stable above US$28.66 and closed at US$29.54.Like gold, silver also experienced profit booking amid unchanged FOMC rates and anticipation of 25 basis points rate cut this year.
Technical analysis has shown a falling wedge pattern on the daily chart, suggesting a possible breakout above the resistance levels of 91200 – 93000 for further bullish momentum.
Gold/Silver ratio remained above 20-DMA at 78.33 and closed at 78.92. However, traders are advised to exercise caution as indicators such as RSI and MACD indicate bearish sentiments.
WTI crude futures fell a modest 0.2 percent to US$78.45 a barrel on Friday, hit by low US consumer confidence but supported by anticipated higher demand for the summer fuel.Market uncertainty over US rate adjustment was eased by positive news of Russia's pledge to cut crude oil production.
Technical charts suggested potential resistance at the 200 EMA on the daily chart, which would weigh on future price movements.
The weekly outlook for crude oil (MCX July) remains positive based on current technical levels and market sentiments.
US natural gas futures suffered a third straight day of decline and closed at US$2.88 per mmBtu, reflecting softening US temperatures despite early demand forecasts. MCX Natural Gas June contract closed at 2414, technical charts are indicating resistance level at 261.Despite short-term seasonal variations, weekly and daily charts indicated bearish market sentiment due to macroeconomic indicators and technical resistance.
Copper prices fell to a two-month low of US$4.4950 a pound on Friday, hit by a stronger dollar and rising stocks indicating a surplus.
MCX Copper closed this week at 856.9, up 0.37 percent. Despite the decline in US PPI and CPI data, technical indicators such as the 200-EMA at 852.7 offered support, indicating easing pricing pressure.
The inverted hammer candle on the weekly chart indicated potential strength, with the RSI indicating momentum around level 63.Sustained trading above 862 may indicate further upside in copper prices in the coming week.
