By Mr. Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities.
Comex gold prices traded firm after surging more than 1.0% in the previous sessions, with spot gold prices at Comex was trading at $1962 per ounce, down by 0.19%. While the gold August future contract at MCX was trading down by 0.05% at Rs 59880 per 10 grams by noon session.
Comex gold prices held steady on Friday after settling up by 1.30% in the previous session, supported by weak US job market data, which raised concerns about a cooling US job market. Data showed that initial jobless claims rose to 261,000 last week, the highest since October 2021 and well above the market estimate. The US dollar retreated after a spike in weekly jobless claims raised hopes that a peak in U.S. interest rates was nearby, boosting the precious metals rally. Investors focus now turns to the upcoming week packed with central bank meetings. On the technical front, Comex spot gold has immediate resistance at $1984 per ounce if price crosses this level, the rally will extend to $1995/$2010 levels. For the day, Comex spot gold has support at $1945/$1933 and resistance at $1984/$1995. MCX Gold August future is likely to find support at the Rs 59570 level and resistance at the Rs 60450 level.
Crude oil prices edged lower on Friday, with NYMEX WTI Crude oil was trading down by 0.05% at $71.25 per barrel. Crude oil prices tumbled heavily on Thursday after media reports speculated about a breakthrough in the US-Iran nuclear deal. However, prices recovered from heavy losses after the U.S. and Iran both denied a report that they were close to a nuclear deal. Short-term fundamentals remain moderately bearish for crude oil. China's onshore crude oil stockpiles hit a two-year high in May as demand fell short of expectations amid a sluggish economic recovery.
We expect crude oil prices to consolidate within a range with a negative bias. NYMEX WTI crude oil has resistance at $73.80 per barrel and finds support at $68.80/ per barrel. MCX Crude Oil June future has support at Rs 5735 per barrel and resistance at Rs 5980 per barrel.