Gold prices rose to three week high on Friday, as mounting geopolitical tensions in Iraq and Ukraine further boosted Safe-haven demand. Gold prices strengthened after U.S. President Barack Obama on Thursday authorized "targeted" U.S. Air strikes against Islamic State fighters in northern Iraq and military air-drops of humanitarian supplies to besieged religious minorities there to prevent a "potential act of genocide." Overall we maintain positive bias in the commodity and continue to buy it from lower levels for the week. Volatility could continue to be high following fresh developments/updates from Iraq; Eurasia
Over all, MCX Gold October future is in bullish and sustaining on higher levels. So for the coming week, we are expecting good buying rally from lower levels. For the coming week 28700/28300 will act as a major support whereas 29700/30200 will act as a major resistance level in MCX Gold October future. For the next
week in MCX Gold, trader can use buy on lower level strategy, if MCX Gold October future sustains above the levels of 29100 then it could test the levels 29400/29700.
Technically, MCX Silver September futures is in consolidation and sustaining in range. For the coming week 47000/48500 will act as a major resistance levels where as 43000/41000 will act as major support in MCX Silver September futures. For the next week in MCX Silver futures, traders can use buy on lower level
strategy, if MCX Silver September futures sustains above 44300 then it could test the levels of 45500/47000.
Crude prices rose on Friday after data revealed fewer in the U.S. sought first-time unemployment assistance last week, which enticed bottom fishers who felt the commodity had fallen too far on supply concerns. NYMEX oil futures were likely to find support at $96.26 a barrel, the low from Feb. 3, and resistance at $102.10 a barrel, the high from July 28.
Fears the Ukraine conflict may disrupt oil exports from Russia supported oil prices as did news the U.S. is considering launching air strikes in Iraq to halt a Sunni insurgency and air-drops of food and medicine to assist those displaced by the conflict.
For the coming week 5800/5550 will act as major supports levels whereas 6300/6500 will act as major resistance in MCX Crude oil August futures. For the next week, trader can use buy on lower
level strategy, if MCX Crude August future sustain above 6050 levels then it could test the levels 6150/6300.
Copper futures bounced off a six-week low struck Friday, as investors looked ahead to key trade data out of China to gauge the strength of the economy in the worlds biggest copper consumer. Earlier in July, China's gross domestic product growth and industrial production data came better than expected indicating improved economic condition in the Asia's biggest economy. Prices of base metals are also supported on
expectations of upbeat manufacturing data from Euro-zone, Germany and United States later today which may provide further cues to the demand scenario from the world's top industrial metal consumers.
Trend of MCX Copper August future is in consolidation and also sustaining in range. For the coming week, it could face major resistance of 472/492 whereas 425/410 could be a major
support in MCX Copper. For the next week trader may follow buy on lower levels strategy, if MCX Copper August future sustain above 440 levels then it could test the level of 452/468.