MARKET WRAP

Gold ended up gaining more than $60 this week

SPDR Gold ETF saw its biggest outflow in 6 months

Copper ended down for second consecutive week

U.S jobless claims and retail sales up at 5.2%

U crude oil inventories came much lower at -5.2M vs. expected at 1.7M.

Gold ended up gaining more than $60 this week after making a fresh all time high of $1814.25. Though, its gains were trimmed as COMEX hiked the margin for this precious metal, also, as Dollar strengthened and stocks recovered on the back of increase in risk appetite. SPDR Gold ETF saw its biggest outflow in 6 months of 23.6 tonnes. Silver gained marginally nearly 2% after previous sell-off and ended the week at $39.06.

Copper ended down for second consecutive week though recovered its losses on the back of rise in Wall Street equities and Dollar. LME Copper ended down losing $127 to end the week at $8842 while it recovered after making a fresh 3-month low of $8521. U.S copper recovered from $398 to end the week above psychological level of $400 at $401.2. Copper in coming week will take cues from Wall Street and Dollar.

Crude Oil recovered smartly this week to end the week on positive basis at $85.23. Crude recovered more than $8 after making a fresh 10-week low of $75.67 as Equities rebounded and Dollar strengthened against a basket of currencies while better than expected U.S jobless claims and retail sales up at 5.2% improved investors risk appetite.EIA U.S crude oil inventories came much lower at  5.2M vs. expected at 1.7M.

TECHNICAL VIEW 

GOLD VIEW

Trend: Bullish | Strategy: Buy on Dips

R1- $1820, R2- $1890  | S1- $1705, S2- $1643

SILVER VIEW

Trend: Consolidate | Strategy: Buy on Dips

R1- $39.70, R2- $42.95 | S1- $37.75, S2-$36.80

CRUDE VIEW

Trend: Consolidate | Strategy: Sell on High

R1- $91.7, R2- $94.8 | S1- $84.1, S2- $78.5

NATURAL GAS VIEW

Trend: Consolidate | Strategy: Sell on High

R1- $4.170, R2- $4.560 | S1- $3.760, S2- $3.510

COPPER VIEW

Trend: Consolidate | Strategy: Sell on High

R1- 9140, R2- 9790 | S1-8520, S2-7980

USD/INR VIEW

Trend: Consolidate | Strategy: Buy on Dips

R1- 45.85, R2- 46.35 | S1- 44.75, S2- 43.85

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