Weekly Commodity Outlook Of 20-02-2021 By Swastika Investmart
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FUNDAMENTALS OF COMMODITY:
GOLD
* Gold prices advanced for a second straight day on Friday, halting a six-day slide that took it to June lows. Despite the yellow metal's ability to staunch more bleeding, support for the so-called inflation hedge and safe haven was feeble at best, say commodities strategists and those who spend their day studying variables and potential direction for gold.
MCX GOLD CHART
Technical indicators (Daily):
* RSI- 29.81
* MACD- -894
* MOVING AVERAGES (20,50,100)- (47720/48975/49607)
CRUDE OIL
* he severe winter storm that swept through the United States this week likely shut in between 2 million barrels per day (bpd) and 4 million bpd of the total U.S. crude oil production, IHS Markit said in an analysis. The Texas Freeze, which started in Texas and moved east across much of the U.S., has also impacted almost 6 million bpd of refining capacity, including 5.2 million bpd of the capacity in the Gulf Coast and 730,000 bpd of refining capacity in the Midwest.
Technical indicators (Daily):
* RSI- 67.57
* MACD- 182
* MOVING AVERAGES (20,50,100)- (4132/3843/3448)
COPPER
* Copper prices continued to soar on Friday, surpassing the nine-year peak seen during the previous session, as bullish sentiment towards base metals resumed after the Chinese New Year. While copper’s ascent may be an indicator of higher demand, some market analysts believe it may have been squeezed on the supply side too.
Technical indicators (Daily):
* RSI- 81.86
* MACD- 20.95
* MOVING AVERAGES (20,50,100) -(622/614/579)
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