Commodity market outlook
- By Advisorymandi |
- Mar 07, 2017
- Last Updated at 06:12 IST
Gold slips further
Gold prices drifting still lower after its worst week since November 2016 . Metal is under pressure from a stronger dollar and intimidating interest rate hike in the US which would only be third time since June 2006. COMEX Gold is trading at $1225.15 down (-0.25%) per ounce.
Oil prices muted
Prices of International Crude Oil supported at lower level after the reports Iraq may participate in the second half of the year in the production curbs by OPEC. Iraq agreed to reduce production by 210,000 barrels per day under the deal but OPEC's second-largest producer .Further U.S. Energy Information Administration reported commercial crude oil stocks increased 1.5 million barrels for the week ending Feb. 24 to reach a record high.
|
Commodity |
CMP |
S1 |
S2 |
R1 |
R2
|
|
Gold- April |
28,905 |
28775 |
28655 |
29050 |
29195 |
|
Silver –May |
42,353 |
42208 |
42073 |
42518 |
42683 |
|
Crude-Mar |
3549 |
3520 |
3390 |
3590 |
3635 |
|
Copper-Apr |
392 |
388.50 |
385 |
396.50 |
401 |
|
Nickel-Mar |
732.70 |
728 |
725 |
737 |
742 |
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