Weekly Commodity Outlook Of 3-05-2021 By Swastika Investmart
FUNDAMENTALS OF COMMODITY:
* Gold extended losses to below $1,770 an ounce on Friday, close to levels not seen in two weeks and recording its worst week in more than a month as prospects of a robust economic recovery pushed Treasury yields higher, denting bullion's appeal. The US economy advanced at an annual rate of 6.4% in the first quarter of 2021, while a slew of economic data, including upbeat personal income and spending figures and a betterthan-expected jobless claims report, reinforced the view of a strong US economic bounce. Meantime, the US Federal Reserve reiterated its ultra-accommodative monetary policy while also acknowledging an improving economic outlook and a rise in inflation.
* Oil prices fell more than 2% on Friday, with WTI crude settling around $63.50 a barrel on concerns that a deepening coronavirus crisis in India may dent oil demand. Still, WTI ended the week on a high note, and, looking for how it performed in April, the US benchmark rose more than 7% as optimism about robust demand recovery in the second half of the year outweighed concerns about the impact of soaring COVID-19 cases in India, Japan and Brazil.
* The rubber market gained some upside momentum, with futures on the Tokyo Commodity Exchange climbing to over 240 yen per Kg for the first time since end-March on concerns that a worsening coronavirus situation domestically and in other Asian countries could result in rubber shortage. The central government approved a third Covid-19 state of emergency for Tokyo, Osaka, Kyoto and Hyogo from April 25th to May 11th to curb a renewed surge in infections. In the broader scenario, rubber futures also benefited from higher oil prices and strength in other commodities.
Technical indicators (Daily):
* RSI- 51.7017
* MACD- 395.3127
* MOVING AVERAGES (20,50,100)- (46969/45828/47430)
MCX GOLD CHART
Technical indicators (Daily):
* RSI- 56.2013
* MACD- 69.6099
* MOVING AVERAGES (20,50,100)- (4611/4572/4197)
MCX CRUDE OIL CHART
Technical indicators (Daily):
MCX COPPER CHART
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://www.swastika.co.in/disclaimer
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
Tag News
We anticipate immense potential benefits from the upcoming Sovereign Gold Bond Tranche in FY...
More News
Mentha oil trading range for the day is 993.1-1024.3 - Kedia Advisory