Gold extended a decline as the dollar strengthened ahead of US inflation data later this week that could influence the size of the Federal Reserve’s rate hike.
Commodity News
Commodity News – Real-time Accurate MCX Commodity Market News and forecast for today. Best commodity market online tips through whatsapp and telegram by Neal Bhai.
The number of Silver Short Positions Long Positions Exceeds 8319 Lots
Commodity prices traded lower with most of the commodities in the non-agro segment extending downside as a stronger dollar lowered the bargaining power. Bullion prices declined on market expectations of aggressive FED in the July meeting. Base metals traded weak on lower demand from China along with a stronger dollar. Crude oil prices traded down on slowdown fears and weaker demand expectations.
Crude Oil Prices Expected to Remain in the Range of $100
Brent crude may hover around the current level of $104 a barrel for the remaining part of the current year, but may fall to $98 per barrel next year, investment bank JPMorgan said on Friday. “Under scenarios where supply is constrained, we think oil could rally to $190/380 per barrel as well.
Gold Technical Forecast [11-07-2022]
Gold Technical Forecast: Following this week’s price action, the Relative Strength Index (RSI) indicator on the daily chart dropped into the oversold territory below 30. The last time the daily RSI fell below in August 2021, Gold staged a technical correction and a similar action could be expected in the short term.
Commodities Slump Is Set to Give India Relief From Inflation
India’s policy makers and consumers will be cheering a steep slump in commodities, especially palm oil, which could bring about a few months of “surprisingly low” food inflation.
फेड जुलाई में 50 या 75 आधार अंकों की बढ़ोतरी का समर्थन
फेड नीति निर्माताओं ने यह अनुमान लगाना जारी रखा कि फेड फंड की दर में चल रही बढ़ोतरी उचित होगी, और जुलाई में 50 या 75 आधार अंकों की बढ़ोतरी का समर्थन किया
Aggressive Monetary Policy Continues to Hamper Gold
Gold Forecast, Gold Outlook, Gold price Today: The current macroeconomic landscape is way different now as global central banks reverse prior stimulatory policies in an attempt to calm surging inflation. Higher interest rates reduce gold’s allure as interest bearing investments and other alternatives start to become attractive once more.