Weekly Commodity Outlook Of 06-03-2021 By Swastika Investmart
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FUNDAMENTALS OF COMMODITY:
GOLD
Spot gold prices lost 0.3% to 1696 per ounce on Friday and booked a 9-month low, as rising yields and a stronger USD sent the bullion to the third straight weekly loss. On Friday, the US reported a net gain of 379 thousand nonfarm payrolls in February, well above market expectations of a 210 thousand gain. Meanwhile, the unemployment rate edged down to 6.2%, and the 10-year Treasury yield traded flat at 1.56% after popping above 1.6% to hit a 2021 high following the employment growth. During the week, gold prices fell nearly 2%.
MCX GOLD CHART
Technical indicators (Daily):
* RSI- 27.79
* MACD- -1074
* MOVING AVERAGES (20,50,100)- (46427/48165/48130)
CRUDE OIL
WTI crude oil prices surged 3.7% to $66.2 per barrel on Friday and hit the highest levels in over a year, as OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand. Following the decision, Goldman Sachs raised its Brent crude price forecast by $5 to $75 a barrel in the second quarter and $80 a barrel in the third quarter of 2020. During the session, Brent prices surged more than 4% to $69.5 a barrel. During the week, oil prices gained around 9%.
Technical indicators (Daily):
* RSI- 76.86
* MACD- 202.6
* MOVING AVERAGES (20,50,100)- (4445/4005/3611)
COPPER
Nickel futures were trading around $16,230 a tonne on Friday, on course for the biggest weekly loss since September 2011 after dropping a combined 13% in the previous two sessions as concerns about supply shortages eased. China's Tsingshan Holding Group, a nickel and stainless steel giant, agreed to provide 60,000 tonnes of nickel matte, used to make batteries for electric vehicles, to Huayou Cobalt and another 40,000 tonnes to battery materials maker CNGR within a year, starting October 2021
Technical indicators (Daily):
* RSI- 56.96
* MACD- 22.89
* MOVING AVERAGES (20,50,100) - (677.2/634.53/598)
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