Bullion counter can continue to trade on sideways to upside bias as investors will eye the U.S. jobs report later today that could help investors gauge the Federal Reserve's rate-hike path. Gold can test 52100 while taking support near 51700 while Silver can move towards 62500 while taking support near 61500.
Bullion counter can continue to trade on sideways to upside bias as investors will eye the U.S. jobs report later today that could help investors gauge the Federal Reserve’s rate-hike path. Gold can test 52100 while taking support near 51700 while Silver can move towards 62500 while taking support near 61500. Investors are now focused on the U.S. nonfarm payrolls report due later in the day, with economists forecasting 250,000 jobs to have been added last month, compared with 315,000 in August. The number of Americans filing new claims for unemployment benefits increased by the most in four months last week, but the labour market remains tight even as demand for labour is cooling amid higher interest rates.
In base metal counter, Copper can trade with weak bias as it can move in range of 640-660. Zinc may dip further as it can test 270 while taking resistance near 290 in MCX. Europe’s energy crisis is taking a rising toll on the region’s industrial capacity with another zinc smelter going into care and maintenance. Smelting has turned out to be the weakest link in the global zinc supply chain this year, creating pockets of extreme tightness in the physical market. The rolling supply woes contrast with an increasingly negative demand picture and the bear-bull tension is manifest in continued price and time-spread volatility on the London Metal Exchange (LME) contract as traders try and work out whether supply or demand is falling faster. Aluminum can trade with mixed bias as it can move in range of 205-209 in MCX.
Crude oil may continue its firm path on cuts to OPEC+ production targets supported its prices while stronger dollar index capped the gains. The cut from the Organization of Petroleum Exporting Countries and allies including Russia, together known as OPEC+, is the largest reduction since 2020 and comes ahead of a European Union embargo on Russian oil. The decision would squeeze supplies in an already tight market, adding to inflation. Overall it can move towards 7400 while taking support near 7100. U.S. President Joe Biden expressed disappointment on Thursday over OPEC+’s plans and he and officials said the United States was looking at all possible alternatives to keep prices from rising. Natural gas prices may remain on mixed path as it can move in range of 550-570 in MCX.
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