MUMBAI (Commmoditiescontrol) - Gold spot dream run continued unabated since May 31st . In the span of three weeks gold international spot price has moved in the region of $1274 and $1411 per oz and finally settled the week at $1400 per
oz.
Gold moved higher to five year high on comments from US fed that the economy may need interest rate cut going forward. After Fed dovish comments bullion prices spurt up as lower interest rate would attract gold as an alternative investment.
Moreover the standoff between Iran and US may escalate and risk of potential war not ruled out also aided gold.
Gold closed above key technical resistances is all set to go higher further towards $1450 per oz and above going forward.
Going forward US-China trade standoff position will be clear when the two presidents meet during the sidelines of G20 meet later this week.
Geo-political tensions, US-China trade standoff, weak global economic environment may result in further upward bias in gold going forward and enter long on reasonable dips as the overall bullish momentum is set to continue.
Near term support is seen at $1360 and then at $1340 per oz and unlikely to decline further.
Resistance is seen at $1420 and then at $145 per oz. One can’t rule out gold exceeding $1500 per oz before the end of August if the current global environment continues.
MCX Aug-gold
MCX august gold last week made a high of INR 34468 per 10 gm and finally settled around INR 34170 per 10 gm.
Gold moved up by nearly INR 3000 per 10 gm and may soon heading towards the new record high of INR 35000 and above sooner than later.
Prices may take correction for the recent upsurge and may retest 33500 per 10 gm going forward. Better to wait for buy on dips.
MCX Silver July
Last week silver also joined the rally along with gold
Last week silver made the high of INR 38590 per kg and soon may be heading towards INR 41000-41500 by the end of August.
Silver is on the continuous up trend since May last week and so far has gained by INR 2700 per kg.
Silver may take support around INR 37300-37500 and in any case unlikely to drop below INR 37000 levels. Upside silver is well poised to move upwards with INR 41000-41500 in sight.
Silver spot
Silver spot moved higher from the recent low of close to $14.30 per oz and moved higher close to $15.60 per oz.
Downside is limited to $14.90-15, while upside could extend till $16-1620 per oz going forward.
(By Commoditiescontrol Bureau)
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