Gold slips below $2000-mark, Crude retraces lower by Mr. Prathamesh Mallya, Angel Broking Ltd
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Below is Daily Commodity Article by Mr. Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One Ltd
Gold slips below $2000-mark, Crude retraces lower.
GOLD
Gold prices began the new week on a tepid note, as prices drifted lower, eventually slipping below $2000-mark.
Because of the uncertainty around the US Federal Reserve's rate hike decision, investors sought clarity on whether the US Federal Reserve will stop after a widely anticipated interest rate hike in May.
On Monday, gold prices plummeted to their lowest level in over two weeks as data showed that manufacturing activity in New York state increased for the first time in five months.
Outlook: We expect gold to trade lower towards 59650 levels, a break of which could prompt the price to move lower to 59270 levels.
CRUDE
Crude benchmarks on Monday seemed tobe taking a breather amidst their recent strong momentum, as Brent and NYMEX both ended with over 1 percent cut.
Crude prices fell on Monday as traders awaited the release of Chinese GDP data, hoping for signs of economic resurgence and growth to offset declining demand abroad.
However, the dollar strengthened on predictions of a probable May interest rate hike by the US Federal Reserve, which might hamper economic rebound optimism.
Outlook: We expect crude to trade higher towards 6730 levels, a break of which could prompt the price to move higher to 6790 levels.
BASE METALS
The base metals pack largely ended the Monday's session on a lower note, except LME Nickel, which managed to crawl higher.
Copper prices fell from near one-week highs as the dollar strengthened on predictions of a US Federal Reserve interest rate hike in May.
However, the downside in copper prices was underpinned by falling inventories in London Metal Exchange (LME) warehouses and on hopes of further economic stimulus from the Chinese government.
Outlook: We expect copper to trade lower towards 775 levels, a break of which could prompt the price to move lower to 769 levels.
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