Bullion counter may witness some short covering at lower levels as today US nonfarm payroll data will give further direction to its prices. Gold (Oct) can recover towards 50350 while taking support near 50100 in domestic markets. Silver (Dec) can bounce towards 53500 while taking support near 52000.
Bullion counter may witness some short covering at lower levels as today US nonfarm payroll data will give further direction to its prices. Gold (Oct) can recover towards 50350 while taking support near 50100 in domestic markets. Silver (Dec) can bounce towards 53500 while taking support near 52000. The number of Americans filing new claims for unemployment benefits fell to a two-month low last week, while layoffs dropped in August. U.S. manufacturing grew steadily last month but factory activity in China, the euro zone and Britain fell as Russia’s war in Ukraine and China’s zero COVID-19 curbs continued to hurt businesses, , although there were indications cost pressures were starting to ease.
Copper can remain in red as it can test 625 in MCX on weak China factory data. Chile’s Codelco, the world’s largest copper producer, expects its output of the red metal to fall further next year amid project delays. Codelco lowered its copper production outlook for 2022 to about 1.5 million tonnes last week, blaming lower recovery levels at some of its mines and ore grades at the Chuquicamata site. Zinc may head lower towards 290 while taking resistance near 300 in MCX. Aluminum can dip lower towards 200 in MCX.
Crude oil may witness short covering at lower levels as OPEC+ will discuss output cuts at a meeting on Sept. 5 meeting. It can bounce towards 7150 in MCX while taking support near 6950. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are due to meet on Sept. 5 against a backdrop of sliding prices and falling demand, even as top producer Saudi Arabia says supply remains tight. OPEC+ this week slashed its demand outlook, now forecasting demand to lag supply by 400,000 barrels per day (bpd) in 2022, but it expects a market deficit of 300,000 bpd in its base case for 2023. Natural gas prices can dip lower as it can test 720 while taking resistance near 745 in MCX.
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