Bullion counter can continue to remain under selling pressure as firm dollar index continue to weigh on the prices as US inflation data later this week is likely to give further direction to the prices. Gold can test 50600 while taking resistance near 51000 while Silver can move towards 58000 while taking resistance near 59000.
Bullion counter can continue to remain under selling pressure as firm dollar index continue to weigh on the prices as US inflation data later this week is likely to give further direction to the prices. Gold can test 50600 while taking resistance near 51000 while Silver can move towards 58000 while taking resistance near 59000. The U.S. dollar rose for a fourth straight session on Monday as investors braced for high inflation data released this week, leading to expectations of continued aggressive monetary policy from the Federal Reserve. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem after Russia’s invasion of Ukraine.
In base metal counter, Copper can trade with weak bias as it can move in range of 644-660. According to the Ministry of Energy and Mines of Peru (MINEM), copper production in Peru, the world’s second largest copper producing country, amounted to 207,739 tonnes in August 2022, down 1.5% compared to August 2021 (210,921 tonnes). Zinc may dip further as it can test 267 while taking resistance near 280 in MCX. Aluminum can trade with weak bias as it can move in range of 198-201 in MCX. On the supply side, production reductions were observed in China and abroad, hence the supply dropped as a whole. Meanwhile, the consumption side recovered marginally, which will underpin aluminium prices in the near term.
Crude oil may witness further profit booking as stronger U.S. dollar and a flare-up in COVID-19 cases in China increased fears of slowing global demand. Overall it can move in range of 7400-7550. EU sanctions on Russian crude and oil products will take effect in December and February respectively while the bloc last week gave its final approval for a new batch of sanctions against Russia including a price cap on Russian oil exports. Capping losses, the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, decided last week to lower their output target by 2 million barrels per day, further raising concerns about tightening oil supplies. Natural gas prices may remain in red as it can move in range of 530-550 in MCX.
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