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Published on 1/08/2020 5:16:33 PM | Source: Swastika Investmart Ltd

Weekly Commodity Outlook By Swastika Investmart

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

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FUNDAMENTALS OF COMMODITY:

MCX Bullion:

Safe-haven demand remains strong as Congress and the White House continue to struggle to break the impasse on extending emergency unemployment benefits. Gold will continue to shine bright as real yields continue to fall deeper into negative territory, virus surges will keep economic recoveries limited, and the stimulus trade will not go away.

 

MCX GOLD CHART

Technical indicators (Daily):

* RSI- 81.86

* MACD- 1560

* MOVING AVERAGES (20,50,100)- (50307/48593/48454)

 

MCX Energy:

Oil prices rose on Friday and were on track for monthly gains, benefiting from news that U.S. oil output cuts in May were the largest on record. Weaker refining margins around the world, lower Chinese oil demand and high crude inventories are putting further pressure on oil prices. The group, known as OPEC+, collectively plans to increase production from Saturday, adding about 1.5 million barrels per day slashing output in the wake of the pandemic.

 

MCX CRUDE OIL CHART

Technical indicators (Daily):

* RSI- 50.88

* MACD- 31.61

* MOVING AVERAGES (20,50,100)- (3065/2938/2371)

 

MCX Metals:

SHFE nonferrous metals fell for the most part on Friday July 31, but zinc ended 1.8% higher following after a broad rally in the early morning as official purchasing managers’ index (PMI) data showed that managers’ index (PMI) data showed that China’s economy continued its strong recovery in July. China will stay committed to deeper reform and wider opening-up, and will step up efforts to expand domestic demand and increase the vitality for economic development, according to a meeting of CPC leaders on Thursday.

 

MCX COPPER CHART

Technical indicators (Daily):

* RSI- 63.6

* MACD- 16.03

* MOVING AVERAGES (20,50,100) - (501.32/563.82/529.72)

 

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