As Traders Await Further News on Sino-U.S. Trade Talks Gold Prices Inch Up
On Friday in Asia Gold prices inched up as traders await the upcoming Sino-U.S. trade talks scheduled for next week. Gold less expensive a softer dollar makes for holders of other currencies. In the economic impact of the longest U.S. government shutdown in history traders continued to monitor. As two bills to end the partial shutdown failed to win enough votes in the Senate, The shutdown is now in its 34th day.
Crude Oil Prices Advance on Reports of U.S. Sanctions against Venezuelan Oil
On Friday in Asia Crude Oil prices advanced following reports that the Trump administration was considering sanctions against Venezuelan oil.The approval aim to punish President Nicolas Maduro's government for rescinding diplomatic ties with Washington amid a leadership crisis in the South American country, according to media reports. The U.S. crude inventories rose by 7.97 million barrels in the week to Jan. 18, the Energy Information Administration said. Compared to forecasts for a stockpile draw of 0.042 million barrels. In the previous week, crude inventories declined by 2.683 million barrels.
On the weekend in absence of negative news Base Metal prices work higher On Friday January 25, on the London Metal Exchange Three-month base metals prices were up across the board by an average of 0.4% this morning, this against Thursday’s generally weak flash manufacturing purchasing managers' index (PMI) data in Asia and Europe, although the United States showed a stronger number. Base metals prices, In China on the Shanghai Futures Exchange were for the most part stronger.
TECHNICAL VIEW MCX Gold last week was quite volatile but it broke its bullish support line of 32200 as well as able to close below this level. For upcoming trading session if price breaches 32000 then it may remain continue with downward trend towards next major support level of 31700. On upward side if it takes recovery from lower levels then price may jump up to important resistance level of 32400 and after that 32700 will act as a next resistance level and if price maintains above this level then trend may also change.
STRATEGY Better strategy in MCX GOLD is to sell below 31900 for the target of 31500 with stop loss of 32500.
TECHNICAL VIEW MCX Silver last week showed sideways movement and found support of its lower key line i.e. 38800 levels. For upcoming session if price sustains below 38800 then this bearish movement can take price towards next support of 38500 and below this we will continue to suggest down trend. On upper side it has strong resistance of 39400 and if price maintains above this level then it may push for quick recovery and price can test next resistance of 39900.
STRATEGY Better strategy in MCX SILVER is to sell below 38700 for the target of 37700, with stop loss of 40000.
TECHNICAL VIEW MCX Crude oil last week showed choppy movement due to expiry but at the end of week it can able to close around its major resistance level of 3900. For upcoming period bullish trend may active if price holds above 3900 and test next resistance of 4000 and if price takes reverse movement from resistance level then price may goes down side and takes sharp correction towards support level of 3700 and if price breaches this level then 3600 will act as next crucial support level as well as trend may also change.
STRATEGY Better strategy in MCX CRUDE is to buy above 3900 for the target of 4100, with stop loss of 3650.
TECHNICAL VIEW MCX Copper last week showed sideways to bearish movement and close around its major support of 415. For upcoming week if price breaks and sustains below 415 then further movement will be down side and price may test 405 levels and below this level price can find next support i.e. 395. On higher side it has important resistance of 425 and if price holds above this level then it will take recovery from lower side up to next resistance level of 435 and also bullish scenario will be active.
STRATEGY Better strategy in MCX COPPER is to buy above 425 for the target of 435, with stop loss of 415.
Guar gum showed sideways to bearish movement last week, and found its important support around the level of 8550. If the prices sustains below its support level of 8500 then the bearish momentum will take prices up to 8180 level. On other hand if the prices maintains above 8700 then prices may find the next resistance level of 9000.
Soyaref showed bullish movement last week and found the resistance level of 772.20. If the prices maintain above its resistance level of 773 then the bullish momentum will take prices up to 783 levels. On other hand if the prices sustain below 755 then prices may find the next support level of 745.
Turmeric showed bearish movement last week, and able to found its important support level of 6430. If the prices maintain above its resistance level of 6650 then the bullish momentum will take prices 7000 level. On other hand if the prices sustains below the support level of 6400 then prices find the next support level of 6180.
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