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The Week That Was

• Comex Gold cracked lower by more than 1.5 percent last week as a hawkish stance by Federal Reserve members and a rally in the dollar index acted as headwinds for the yellow metal's prices. The dollar climbed to a one-year high after the Federal Reserve left interest rates unchanged but signaled a more hawkish outlook. Higher-for-longer interest rates tend to pressure non-yielding assets such as gold while supporting the dollar.

• Comex Silver extended its losing streak for a second consecutive week, settling lower by close to 2 percent to finish around the $65 level. Silver fell below $65 per ounce on Friday—its lowest level since June 11—as a stronger US dollar and rising interest-rate expectations dampened demand for precious metals.

• Comex Copper also dropped by more than 2 percent last week, driven down by weaker-than-expected retail sales data from China, the rally in the dollar index, and the Fed's hawkish outlook, all of which dampened investor sentiment. However, losses were limited due to strong demand expectations tied to building data center infrastructure.

• Nymex Crude Oil extended its losing streak to two weeks in a row, plummeting by more than 8 percent to settle below the $80 level after Israel and Hezbollah reached a ceasefire agreement that took effect on Friday. The truce, if maintained, could remove a major obstacle to broader peace efforts between the US and Iran. Meanwhile, Tehran announced that vessels passing through the Strait of Hormuz will now require mandatory insurance policies. While these policies are currently free, they could incur charges later, reinforcing Iran's claims over the strategic waterway.

MCX Gold

Technical Outlook:

MCX Gold extended its losing streak for two weeks in a row It ended lower by more than 2 percent as it ended below 148000 level. On the weekly chart it settled below 9 and 20 EMA and RSI is below 50 level mark which indicate that momentum is strong on the downside. We expect bearish momentum to persist as long as it sustains below 151,000 level. Sell on rise is recommended in the near term.

Recommendation: We recommend Selling MCX Gold around Rs 1,49,000 with a stop-loss above Rs 1,51,000 and a target of Rs 1,46,000.

Current Market Price (CMP): Rs 1,47,300

MCX Silver

Technical Outlook:

MCX Silver extended its losing streak for four weeks in a row. It cracked lower by close to 6 percent last week. On the weekly chart it settled below 9 EMA and RSI is trading below its reference line around 50 level indicating that the upside momentum is weak. Additionally prices is making lower lows from the past two month which is a bearish sign. We expect Silver to trade with a negative bias this week.

Recommendation: We recommend Selling MCX Silver around Rs 2,42,000, with a stop-loss above Rs 2,46,000 and a target of Rs 2,37,000.

Current Market Price (CMP): Rs 2,32,700

MCX Crude Oil

Technical Outlook:

MCX Crude Oil cracked lower 10 percent last week its worst weekly fall since Apr’26. Near term trend is bearish for prices as it is trading below 9 and 20 EMA and RSI is trading below 50 level mark which indicate that momentum is strong on the downside We expect prices to trade under bear grip for this week. Sell on rise is recommended in the near term.

Recommendation: We recommend Selling MCX Crude Oil around Rs 7,600, with a stop-loss above Rs 8,000 and targets of Rs 7,100 and Rs 6,700. NEe

Current Market Price (CMP): Rs 7,300

MCX Copper

Technical Outlook:

MCX Copper extended its losing streak for two weeks in a row. It settled lower by more than 1 percent after testing multi-week Near term trend remain positive as it is comfortably placed above 9 and 20 EMA and RSI is above 60 level which indicate that momentum is strong on the upside. Buy on dips is recommended as long as 1280 level is intact on the downside.

Recommendation: We recommend buying MCX Copper around Rs 1,300 with a stop-loss below Rs 1,280 and a target of Rs 1,330.

Current Market Price (CMP): Rs 1,305

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