Commodity market outlook: Gold prices are expected to move in a range

May 03 2014, 16:30 IST
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 A decline today would be the fifth straight loss, and the longest slump since April 1. Reuters A decline today would be the fifth straight loss, and the longest slump since April 1. Reuters
SummaryGold prices fell after U.S. employers boosted payrolls in April by the most in two years.

its monthly bond-buying program by $10 billion for the fourth consecutive meeting. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

Trend of MCX Copper June future is in consolidation and also sustaining in range. For the coming week, it could face major resistance of 418/430 whereas 400/389 could be a major support in MCX Copper. For the next week trader may follow sell on higher levels strategy, if MCX Copper future sustain below 406 levels then it could test the level of 400/392.

By Vivek Gupta, Director Research, CapitalVia Global Research Limited

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