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FUNDAMENTALS OF COMMODITY:

* Gold came under heavy selling pressure this week, moving away from the $1,900 region to hit a near two-month low of $1,761 on Friday, and recording its worst week since March 2020 after shedding 6%. Such moves came in the wake of a surprisingly hawkish tone from the Fed, with the central bank sharply raising its forecasts for inflation this year and flagged two rate increases by the end of 2023, which, in turn, pushed the dollar to over two-month highs. Also, it looks like the price of gold and bond yields started to move in the same direction.

* Oil markets were basking in the glow of improving demand sentiment and OPEC-led supply cuts, with Brent crude settling above the $73 per barrel level to finish the third week of June on a high note. Investors were upbeat about fuel demand recovery this summer, with vaccination programs in Europe and the US allowing more people to travel. On the supply side, OPEC+ agreed to keep to their plan to gradually ease supply curbs through July, signalling the ongoing strengthening of market fundamentals.

* Copper futures were trading below $4.2 per pound on Friday, a level not seen in two months, following four consecutive sessions of drops as China is set to take measures to curb any further rise in commodity prices. China’s National Food and Strategic Reserves Administration said it plans to sell its reserves of copper, aluminium, and zinc in batches in the near future to ensure the supply and price stability of bulk commodities.

Technical indicators (Daily):

* RSI- 31.2

* MACD- -58.2429

* MOVING AVERAGES (20,50,100)- (48629/47967/46932)

MCX GOLD CHART

Technical indicators (Daily):

* RSI- 72.3410

* MACD- 116.1352

* MOVING AVERAGES (20,50,100)- (5048/4852/4639)

MCX CRUDE OIL CHART

Technical indicators (Daily):

* RSI- 31.9573

* MACD- -6.9954

* MOVING AVERAGES (20,50,100) - (740.71/746.72/706.99)

MCX COPPER CHART

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