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Published on 31/10/2020 4:59:35 PM | Source: Swastika Investmart Ltd

Weekly Commodity Outlook Of 31-10-2020 By Swastika Investmart

Posted in Commodities Reports| #Commodity Tips #Swastika Investmart Ltd

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FUNDAMENTALS OF COMMODITY:

* Gold prices rose Friday, appearing poised to return to the key $1,900 level, as the safe haven crowd leveraged on uncertainty over next week’s U.S. election and that the winner will attempt to undertake a new major Covid-19 stimulus for the economy. Democrat Joe Biden is attempting to wrest the U.S. presidency from Republican Donald Trump in the Nov. 3 election, with polls showing the challenger in the lead. Both Biden and Trump have promised to issue an economic stimulus as quickly as possible after the election to help the country deal with the threat of Covid-19.

* Oil prices fell for a third straight day on Friday, logging their worst monthly loss since March, as fresh curbs placed on business and people in France and Germany to curb the spread of the coronavirus led to fears of wider lockdowns in Europe and elsewhere. For the week, WTI was down more than 10.2%, for its biggest weekly loss since April. For the month, it showed a drop of 11%, the sharpest decline since March.

* Prices of copper and other industrial metals fell on Wednesday as surging coronavirus infections raised fears that new lockdowns will stifle economic recovery. Stock markets and oil prices plunged and the dollar strengthened as Germany and France prepared new restrictions, Russia said the situation was worsening and hospitalizations and cases rose sharply in the United States.

Technical indicators :

* RSI- 44.30

* MACD- -45.93

* MOVING AVERAGES (20,50,100)- (50636/50903/50602)

Chart of the day:

Technical indicators :

* RSI- 36.75

* MACD- -52.1

* MOVING AVERAGES (20,50,100)- (2931/2963/3005)

Chart of the day:

 

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