Gold is trading on steady note during early trading hours on Friday as investors are eyeing for today’s non-farm payroll and unemployment rate data, which is benchmark for the US central bank to take decision on interest rate cut in their next meeting. According to poll, non-farm payroll is expected to rise by 160,000 in the month of June against 75,000 in the previous month while unemployment rate is expected to remain unchanged at 3.6%. US 10 Year Treasury Yields are trading below 2%, which could be supportive factor the bullion market. On domestic front, MCX gold prices are likely to be bit volatile as the central government is presenting its first budget after coming to power for second consecutive term wherein cut in gold import duty is likely to be announced. Considering above mentioned factors, range bound trend is expected in gold and silver.
Crude oil market continued to slide during electronic trading session on Wednesday pressurized by slowing down of oil demand led by weaker global economic growth US Department of Energy reported that crude oil inventories dropped by 1.085 million barrels in the week to 28th June 2019 against previous week’s drop of 12.788 million barrels and market expectation of decline of 2.964 million barrels Distillate stocks surged by 1.408 million barrels against prior week’s drop of 2.441 million barrels indicating weakness in the demand Gasoline stocks dropped by 1.583
MCX Gold has formed Bearish Harami Candlestick pattern in hourly chart now it’s trading at 34919 Gold is looking bearish at current Level so it may go down and touch the level of34750 in near term.
MCX Silver is having a support of Up Trendline in Hourly chart and it has also given buy confirmation now it’s trading at 37051. As per chart and price action silver can touch the level of 36500 in near terms.
MCX Natural Gas is has formed Triangle Pattern in Daily Chart its has been crossed its resistance level and given buy confirmation as per chart Natural Gas looks bullish and it may go up and touch the level of 162.10
MCX Copper has formed Bullish Engulfing Pattern in Hourly charts. Now it is trading at 405 Copper is expected in bullish trend based on current price action