Commodity Market Gold and Silver Tips

Gold rose to a two-week high on Thursday after the Federal Reserve said it held U.S. interest rates steady following a two-day policy meeting, sending the dollar index to a three-week low.The U.S. central bank's decision was a nod to concerns about a weak world economy, saying that an array of global risks and other factors had convinced it to delay what would have been the first rate hike in nearly a decade. It left open the possibility of a modest policy tightening later this year.

Silver was up 1.8 percent at $15.16 following a 3.5 percent jump in the previous session. The U.S. Federal Reserve kept interest rates unchanged on Thursday in a nod to concerns about a weak world economy, but left open the possibility of a modest policy tightening later this year. In what amounted to a tactical retreat, the U.S. central bank said an array of global risks and other factors had convinced it to delay what would have been the first rate hike in nearly a decade.

Weekly Commodity Market News and Tips

MCX Dec Silver futures rose to as high as 35840 in the past session, but failed to hold the gains and fell back into negative zone. Now, 35310 levels will act as an immediate support on downside and on a sustainable break below the same will intact further weakness towards 34650 & 34120 levels.

WEEKLY COMMODITY UPDATE

WEEKLY GOLD CHART

For the day gold futures are expected to continue its range bound trend with negative

bias. There are major ETF holdings are happening as of now as investors are taking cautious approach ahead of non-farm payroll data and US FOMC meeting on 17th Sep 2015. Among the economic releases, we have ADP employment change, nonfarm productivity and factory orders, which are likely to have mixed impact on the market. Overall, gold is expected to remain in range. As on Wednesday morning, comex gold futures are trading on a flat note at $1138.40 per ounce.

Crude Oil made Record high After Six-Year

Crude oil was mixed during the Friday’s Asian session as West Texas Intermediate grade rose a little while the Brent grade dropped. Yesterday, prices demonstrated the biggest one-day gain in six years. WTI oil jumped $3.96 (10.3 percent) and Brent surged $4.42. MCX Sep Crude oil; saw some short covering in the counter by violating its falling trend-line resistance at 2674 levels and surged almost 7% on daily charts. Further recovery can be possible towards 2856 & 2910 levels, where as an immediate support pegged at 2753 levels.Futures advanced as markets stabilized after China’s scare on Monday. The Asian nation took measures to stimulate its economy, and such steps were welcomed by investors as proved by the rally of global stocks. Additionally, US economic growth in the second quarter of 2015 exceeded expectations, promising more demand for fuel and energy. Last but not the least, market participants were speculating that an interest rate hike from the Federal Reserve is highly unlikely in September, and such talks encourage speculators to buy riskier assets.

Gold, Silver & Natural Gas Gains on Thursday

• MCX Oct Gold futures extended its uptrend by violating its falling trendline resistance at 26331 levels. It was begun the day with a positive note and there after continued the same trend, finally ended at 26772 levels up by 2.20%. Further rally can be possible towards 26980 & 27115 levels. Hence, any fall can be utilized to accumulate longs at 26665 levels.
• MCX Sep Silver too surged 2% in the past session and ended in a strong positive zone. Currently prices facing a stiff resistance from 36435 levels, on a convincing close above the same will intact further uptrend towards 36920 & 37465 levels.
• MCX Sep Crude oil has reached to its 6 year low of 2670 levels and finally settled at 2720 levels, down by 4% on daily charts. Further bearish outlook remains unchanged and is likely to extend the fall towards 2655 & 2587 levels. Hence, any rise can be utilized to create shorts at. 

MCX Gold bearish

Short term support for MCX Gold October contract is found at 24500 with a possible resistance at 25000. Intraday support is at 24580 with resistance at 24850 levels.Gold is maintaining the bearish trend for both short term and intraday. Short term support for MCX Gold October contract is found at 24500 with a possible resistance at 25000. Intraday support is at 24580 with resistance at 24850 levels, MCX Gold October contract has been trading down by -0.13 per cent to 24756 level on Friday. Gold prices edged up in Asian trade, but remained close to a five-year price low. Traders are awaiting U.S. non-farm payroll data to be released later on Friday, as any significant improvement may again create fresh pressures on the precious metal.

Precious Metals Bounce, Copper & Oil Retain Losses

MCX Aug Natural Gas was tested a valid tend-line resistance at 185 and turned the direction by forming a “bearish engulfing” candlestick pattern on daily charts. Now the bias turned on downside and is likely to drag the prices further down towards 177 & 174.5 levels. Precious metals bounced following the previous drop during the current trading session. Copper was not as lucky, retaining its losses. The reason for the bounce was the weakness of the dollar after a couple of negative economic reports were released from the United States. Of particular note was the data that showed weakest wage growth since 1982. Metals often trade inversely to the greenback, meaning that news that is negative for the US currency is positive for the metal market. December futures for delivery of gold gained 0.44 percent to $1,093.20 per troy ounce as of  GMT on COMEX today. September contract for silver advanced 0.74 percent to $14.81 per ounce. At the same time, copper declined 0.23 percent to $2.3715 per pound.Crude oil, on the other hand, maintained its decline, falling more than 1 percent during Friday’s trading. It looks like concerns about oversupply on the market are not going to allow the commodity to benefit from the dollar’s weakness. Contract for delivery of WTI crude oil in September slid as much as 1.65 percent on NYMEX today. Brent crude lost 1.11 percent to $52.72 per barrel on ICE.