Neal Bhai Reports ~ Base metals may remain sideways as China markets are closed due to lunar year holidays. Copper maytrade in range
Spot Gold Above 1174.50 This Level Target -$1191-1203
Gold (XAU/USD) extends its gains for the second consecutive trading session on Monday, up over 0.40% as money markets priced in a rate cut by the Federal Reserve (Fed) in the next week. Meanwhile, the US Dollar weakness keeps the yellow metal underpinned at around $4,240 at the time of writing after reaching a five-week high of $4,264.
MCX Gold And Silver Ultimate Target Hit By Neal Bhai
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Aluminium MCX Upper Resistance Levels 104.60 – 105.60
Gold Silver Reports ~ Aluminium settled up 0.38% at 104.45 as a weaker dollar sparked investor demand for the industrial metal and drove bearish traders out of the market.
Financial speculators in metal such as hedge funds have been strongly bearish on the market since early November, amid signs of weakening economic growth around the world. Some of the market’s gains in recent days likely have been fueled by traders closing out short positions that profit from falling prices as the market has rallied against them.
Lead MCX Hard Resistance Levels at 124.50 – 124.90
Gold Silver Reports ~ Lead MCX tumbled sharply in the beginning of January. However, it posted a positive daily close after seven consecutive negative sessions and entered a pull-back mode.