Insight: The positive US economic data and the potential for a resistance breakout indicate a positive outlook for gold prices in the near term.
The MCX Silver futures fluctuated during the week, settling at 89090. Comex Silver spot prices also held above USD 28.66, closing at USD 29.54. Technical analysis suggested a potential breakout above resistance levels for further bullish momentum.
Insight: The forming Falling Wedge pattern on the daily chart hints at potential upward movement in silver prices, presenting opportunities for traders.
WTI crude futures saw a slight decline to USD 78.45 per barrel, influenced by lower US consumer confidence but supported by anticipated higher summer fuel demand.
Insight: The market’s uncertainty over US rate adjustments and Russia’s crude production reduction pledge present some volatility in crude oil prices, requiring careful monitoring.
US Natural Gas futures closed at USD 2.88/mmBtu, reflecting milder US temperatures. MCX Natural Gas contracts settled at 2414, with technical charts indicating resistance levels at 261.
Insight: Despite short-term weather-related fluctuations, ongoing bearish market sentiment in natural gas futures highlights the need for a cautious approach by traders.
Copper prices dipped to a two-month low, impacted by a strengthening dollar and increasing stocks. MCX Copper closed the week at 856.9, supported by technical indicators like the 200-EMA.
Insight: The potential strength indicated by the inverted hammer candle on the weekly chart suggests a positive outlook for copper prices, with further upward movement possible if levels above 862 are sustained.
Insight: The positive US economic data and the potential for a resistance breakout indicate a positive outlook for gold prices in the near term.
The MCX Silver futures fluctuated during the week, settling at 89090. Comex Silver spot prices also held above USD 28.66, closing at USD 29.54. Technical analysis suggested a potential breakout above resistance levels for further bullish momentum.
Insight: The forming Falling Wedge pattern on the daily chart hints at potential upward movement in silver prices, presenting opportunities for traders.
WTI crude futures saw a slight decline to USD 78.45 per barrel, influenced by lower US consumer confidence but supported by anticipated higher summer fuel demand.
Insight: The market’s uncertainty over US rate adjustments and Russia’s crude production reduction pledge present some volatility in crude oil prices, requiring careful monitoring.
US Natural Gas futures closed at USD 2.88/mmBtu, reflecting milder US temperatures. MCX Natural Gas contracts settled at 2414, with technical charts indicating resistance levels at 261.
Insight: Despite short-term weather-related fluctuations, ongoing bearish market sentiment in natural gas futures highlights the need for a cautious approach by traders.
Copper prices dipped to a two-month low, impacted by a strengthening dollar and increasing stocks. MCX Copper closed the week at 856.9, supported by technical indicators like the 200-EMA.
Insight: The potential strength indicated by the inverted hammer candle on the weekly chart suggests a positive outlook for copper prices, with further upward movement possible if levels above 862 are sustained.
