HomeMCX India : Commodity Market Report | Weekly Commodity Updates and Gold Silver Trend | 8 July MCX Intraday Target
Bullions
Bullion futures on the worldwide market are required to witness a further succumb to the advancing week, as arrival of playful US non-farm payrolls data has raised fear up in the market that the Federal Reserve may move back its merchandise strong security purchasing program soon. Prior, US Fed Chairman Ben Bernanke had said the Fed may decrease bond purchasing program later in the not so distant future, if the US economy presses on to show change. Friday, the US Labor Department reported an expansion of 195,000 occupations in June, superior to market want. Moreover, dollar picked up sharply after the arrival of employments information and is relied upon to ascent further. Immovability in the dollar might put extra descending force on bullion fates one week from now. A firm greenback makes purchasing of dollar-named products more unmanageable for other cash holders
Base Metals
Base metal futures are seen trading down one week from now, as arrival of upbeat US non-farm payrolls data has brought fear up in the market that the Federal Reserve may decrease its security buy program soon. Climb in the dollar record in the wake of supporting US information is likewise anticipated that will manufacture descending force on base metals. Copper prospects enlarged their prior misfortunes on Friday, falling by more than 2% after an improved than needed perusing on the U.s. work market. Copper is touchy to movements in the investment viewpoint due to its far reaching use in numerous businesses. A stronger U.s. economy could goad the Federal Reserve to check its stimulus. The focal bank's income sans work arrangements have backed costs of copper and different wares. The U.s. economy included 195,000 occupations in June, the Labor Department said on Friday, more than the 160,000 increase economists had envisioned. Copper fates had exchanged at about $3.10 a pound in front of the report. Costs drooped at an opportune time Friday, making up for lost time with Thursday's misfortunes in other copper markets. COMEX floor exchanging was shut on Thursday for Independence Day.
Gold Silver Levels
Gold has turned positive as holding above 25700, immediate resistance is seen near 26300 , 26700 and 27136. If market hold and close below 25700 on daily basis then bearishness will be back in market. Next support is around 25300 and 24700 ranges. Traders can consider buy on dips around 26000-25900.
MCX Silver is looking in a consolidate mode today, In last session it was closed above 40000 mark satteled at 40290. Looking in buying mode now having a strong support at 39600 level it has a resistance level at 41000 level today. Buy* on low suggested for today
*(Buy Silver only above 40400 level Today)
