IRIS reported that following is the weekly commodity outlook from CapitalVia Global Research:

Gold raced to a six month high on Friday, after US jobs growth slowed more than expected in August, possibly creating the way for the Federal Reserve to announce additional stimulus for its sluggish economy. Beginning of festivals season in India also acted as the positive sentiment for the Gold prices. Technically, gold is in bullish trend. In the coming week INR 32,500 and INR 33,300 will act as a major resistance and INR 31,200 and INR 30,600 will act as a major support for MCX Gold October futures. For the next week traders can use buy on lower level strategy, if gold sustains above the level of 31,700 then above the level of 32,000 it can test the level of 32,500 to 32,900.

Technically, silver is also in bullish trend. For the coming week, INR 65,000 and INR 66,700 will act as major resistance whereas INR 61,400 and INR 60,000 will act as major supports for MCX Silver December futures. For the next week traders can use buy on lower level strategy if silver sustains above the level of 63,500 then above 64,000 silver can test the level of 65,000 to 66,200.

Copper rose to its four months high on Friday due to China’s approval of USD 157 billion infrastructure spending program, European Central Bank’s plan to shore up its region’s economy and on the hopes for stimulus package in US for its sluggish economy. Technically, copper is in bullish trend. For the coming week 455 and 467 will act as major resistance levels and 434 and 418 will act as major support levels for MCX Copper November futures. For the coming week one should go for buy on lower level strategy in MCX Copper, if it sustains above the level of 445 then it can test the level of 455 and 465.

Source - IRIS.com

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