MUMBAI (Commoditiescontrol) - Spot gold moved in the range of USD 1274.9 and 1306.9 and finally ended the week at 1305.2 per oz.
Gold settled well above USD 1305 for the first time since April 10th.
Possibility of gold moving higher towards USD 1311-1319-1326 is not ruled out during next week.
The recent low of USD 1275 will act as near term support.
Spot gold moved higher as safe haven as US president Donald Trump threatens to sanction Mexico with tariffs unless illegal immigration ends.
US also scrapped preferential trade programme with India from June 5th onwards.
Moreover, the expectation of cut in US interest rates by US Fed has increased after the recent weak economic readings from the US, as its trade off with China continues longer than expected and showing no signs of thaw.
However, one has to carefully watch out the slew of economic data from the US---ISM, Non-ISM
manufacturing data, Non-farm payrolls data, EU manufacturing PMI/services PMI from German, French, Italy, Britain etc.
An interesting week to watch for gold considering important data’s to be released throughout the week so as to determine what lies ahead.
Spot Silver
Last week range USD 14.25-14.68 per oz
For silver up trend to stay it should settle well above USD 15 per on for at least two consecutive days on closing basis
Here again watch out for key economic data to be released during the week
Support USD 14.15 and then at USD 13.91-13.67 per oz
MCX Gold August-2019
Last week move 31600 -32294, closed at 32266
All set to retest-32600-32700
A close above 32700 on weekly to signal further upward bias
Support-31900-31700
MCX Silver July-2019
Last week movement---35826-36710, closed at 36449, inverted hammer signaling wait for the next move
36740-36900-37100 will act as near term resistance
Support-36050-35900
In the weekly continuation chart, formed hammer after substantial correction may signal turn around in trend, for that one could get confirmation during next week
As long as 35000 hold, the bullish view on silver may remain intact in the medium term
(By Commoditiescontrol Bureau)