PRECIOUS METAL: The precious metal loses its shine on Friday after such roller coaster momentum throughout the week. Investors were preferred to equipped long positions on the safe-haven gold on growing concerns over US-China trade war but then yesterday's China's surpass trade balance data has ease out investor's cautious sentiments over slow down economic growth. At the time of writing, U.S. gold futures price is trading above 0.60% to $1,518.45 an ounce. In MCX, gold prices is likely to open slightly softer tone followed by global cues. However, on MCX, Gold contracts in December closed in red by Rs 427 or -1.12%, at Rs. 37,791 per 10 grams with the turnover of 15113 lots, while October contract shrink from the previous trading session with a turnover of 662 lots. Overall sentiment for gold is positive with immediate support of 37,400 levels & 37,500 levels while resistance would be 37,900 & 38,200 levels.
TOP COMMODITY SPREADS:
NATURAL GAS: 0.20
MCX Gold-Silver Ratio: 87.29
The ratio suggest Silver is undervalued as compared to the Gold , going forward more upside can be seen in the Gold as relative to the Silver.