Commodity Market Outlook for the Week
Gold:
Gold Was Untraded On Friday with Many Players Away For the Christmas Holidays, While Silver Prices Inched Up. Gold Futures Recovered In The Opening Trade, Paring Its Early Losses On Thursday Thanks To A Dip In Dollar Against The Major Currencies. Domestic Gold Also Traded Firm In Line With Firming Global Cues. A Weaker Dollar Pushed Gold To A Higher Settlement As Market Participants Found The Metal's Recent Pullback To Be A Buying Opportunity. Gold's Pullback Has Come In Part As Investors Have Bought The Dollar Amid Growing Confidence In The Economic Recovery And Expectations That Federal Reserve Will Raise Interest Rates Earlier Than Expected. In The Coming Week Comex Gold Is Expected To Be In A Range Due To Christmas & New Years Break. For The Coming Week Support For Comex Gold Will Be 1073$ & 1025$ Where As Resistance Is At 1140$ & 1170$ For Mcx Gold Support Will Be Found At 16100 & 15400 And Resistance At 17250 & 17700.
Copper:
Copper Rallied Sharply On Thursday, With Prices In New York Surging To Near 16-Month Highs And London Values Up To Within A Fraction Of A 15-Month Peak, As A Weak Dollar, Supply Threats In Chile And Pre-Holiday Momentum Buying
Combined To Drive Prices Up In Thin Volumes.
We Had a Complete Recipe For Higher Prices -- The Weaker Dollar, Expectations That China Will Buy Copper Next Year And Potential Strikes In Chile,"
The Run-Up In Copper Came As The Dollar Weakened And Data Showed U.S. Existing Home Sales Jumped In November At The Fastest Pace Since February 2007.
Comex Copper Has Touched Its 15 Month High of 330.40 on Thursday and Is Sustaining At Higher Levels
Major Support for Comex Copper in the Coming Week Would Be 308 And 293.
And Resistance Would Be 340 and 361.
If It Sustains Above 330, a Slight Rally Could Be Seen Till 340 Level
Major Support in MCX Copper is 328 and 315 And Resistance at 342 and 358.
For more Stock Tips and Commodity Tips Please Visit
Gold Was Untraded On Friday with Many Players Away For the Christmas Holidays, While Silver Prices Inched Up. Gold Futures Recovered In The Opening Trade, Paring Its Early Losses On Thursday Thanks To A Dip In Dollar Against The Major Currencies. Domestic Gold Also Traded Firm In Line With Firming Global Cues. A Weaker Dollar Pushed Gold To A Higher Settlement As Market Participants Found The Metal's Recent Pullback To Be A Buying Opportunity. Gold's Pullback Has Come In Part As Investors Have Bought The Dollar Amid Growing Confidence In The Economic Recovery And Expectations That Federal Reserve Will Raise Interest Rates Earlier Than Expected. In The Coming Week Comex Gold Is Expected To Be In A Range Due To Christmas & New Years Break. For The Coming Week Support For Comex Gold Will Be 1073$ & 1025$ Where As Resistance Is At 1140$ & 1170$ For Mcx Gold Support Will Be Found At 16100 & 15400 And Resistance At 17250 & 17700.
Copper:
Copper Rallied Sharply On Thursday, With Prices In New York Surging To Near 16-Month Highs And London Values Up To Within A Fraction Of A 15-Month Peak, As A Weak Dollar, Supply Threats In Chile And Pre-Holiday Momentum Buying
Combined To Drive Prices Up In Thin Volumes.
We Had a Complete Recipe For Higher Prices -- The Weaker Dollar, Expectations That China Will Buy Copper Next Year And Potential Strikes In Chile,"
The Run-Up In Copper Came As The Dollar Weakened And Data Showed U.S. Existing Home Sales Jumped In November At The Fastest Pace Since February 2007.
Comex Copper Has Touched Its 15 Month High of 330.40 on Thursday and Is Sustaining At Higher Levels
Major Support for Comex Copper in the Coming Week Would Be 308 And 293.
And Resistance Would Be 340 and 361.
If It Sustains Above 330, a Slight Rally Could Be Seen Till 340 Level
Major Support in MCX Copper is 328 and 315 And Resistance at 342 and 358.
For more Stock Tips and Commodity Tips Please Visit
www.capitalvia.com
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