Gold Forecast: With the global central banks moving towards a higher interest rate environment, led by the US Fed, it’s not surprising to see the pressure on Gold prices.
MCX Copper Tips for Today: Copper Friday Settled down by 0.88% at 745.10 amid fears of weaker demand due to a power crisis in Asia and Europe.
Gold Price Forecast: Gold price set the stage on fire last Friday, as it climbed to the highest levels since early August at $1819 before easing slightly to finish the week at $1817.
Natural Gas MCX Tips Today: Natural Gas yesterday settled up by 1.52% at 300 as forecasts continued to signal hotter weather over the coming weeks than previously expected, which tends to increase gas demand for cooling.
On today’s daily watchlist our main focus is Gold and the USD. After yesterday’s FOMC day the DXY broke the reversal pattern that we had been following for over a week now. We remain very long biased Gold, even more after yesterday’s Inflation speach by Chairman Powell.
MCX Crude Oil Under fresh selling: OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic.
The most-traded August mcx copper contract on the Shanghai Futures Exchange fell as much as 2.3% to 67,400 yuan ($10,397.38) a tonne, its lowest since June 23.