The trend of Gold is Bearish. Gold lost all its gains on Friday after reacting to the separate decisions by Bank of Japan and European Central bank on monetary policy. The ECB went dovish on the interest rates and Japan even more dovish than ECB by announcing it would keep interest rates at near zero. These dovish moves by ECB, Bank of Japan and US Fed send the Dollar to the sharp upward trajectory while this put pressure on the Gold and its lots the shine at the end of the week. In MCX, it fell down by 205 points on weekly basis and ended at 31010 as compared to last week closing price of 31215. We expect the continue pressure on Gold prices in upcoming days as Dollar index is still looking strong. Sell on high strategy would be better to follow for next week.
The crude oil can remain Bearish. Prices of Crude oil found support by lower US inventories this week but uncertainty over the upcoming meeting of OPEC on 22-23 June has put some pressure on the prices at the end of the week. OPEC meeting is expected to decide on future supply policy. IN MCX, it lost all its gains and ended lower by 16 points as compare to the last week closing price of 4448. Rising US output will continue to put pressure on the Crude oil prices in coming days so sell on High strategy would be better to follow.
The Zinc can remain Bearish. Metals prices come under pressure after the data pointed to a slowing down of the economic growth in China. On Thursday, weaker than expected China’s Data, Industrial Production, retails dales and fixed investment data has ignite worries of slowdown in the nation which in turn has hit the demand expectation and which leads to the pressure on the base metals prices. In MCX, Zinc fell down by 5.75 points and ended at 211.80 as compare to the last week closing price of 217.55. We can expect more selling pressure on the prices of Zinc in coming days. Sell on High strategy would be better to follow in upcoming days.
The Trend of Copper is Bearish. Copper fell heavily in this week due to concerns over demand in top consumer China. China’s industrial output also grew less which can indicate a further slide in the prices of the Copper in coming days. In MCX, Copper fell by 17.45 points and ended at 473.70 as compare of the previous week closing rate of 4491.15. We expect more selling pressure on the Copper prices in coming days. Sell on high strategy can be follow for upcoming week.
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