– Ongoing tensions between Israel and Iran intensified, prompting concerns about a broader regional conflict and impacting market sentiment.
– Anticipation of interest rate cuts by the Federal Reserve diminished due to stronger US retail sales data and hawkish comments from Fed officials, leading to a surge in the dollar and US treasuries.
– US retail sales increased by 0.7% in March, surpassing expectations, and highlighting robust consumer spending, while Jobless claims remained stable, underlining a strong labor market.
– Expectations of imminent rate cuts dimmed notably as Fed Chair Powell acknowledged the ‘lack of further progress’ on inflation this year, hinting at a postponement of the much-awaited pivot.
– COMEX Gold prices marked their fifth consecutive weekly gain, trading well above $2400/oz, buoyed by geopolitical tensions, robust Chinese demand and a sharp rise in speculative buying. However, a potential pullback in gold prices may occur if further escalation in the Middle East is avoided.
– Technically, MCX Gold is trading above Supertrend(7,3) and 20SMA confirming bullish short-term trend is still intact. Nearest support lies at 72275 while nearest resistance lies at 73315. Price may continue its bullish momentum if it breaks and sustains above all time high of 73958.
– LME base metals extended gains for the third consecutive week, with some experiencing pressure on visible inventories on the LME in response to recent sanctions, while others benefited from concentrate tightness.
– WTI Crude oil only witnessed transient upside following unverified reports of explosions in Iran, Syria, and Iraq as prices reversed and closed the week 3% lower below $83.5/bbl as Tehran downplayed the attack, stating it was not compelled to react to the blasts.
– Risks of a broader regional conflict, a strong dollar, and elevated yields added to market uncertainties, challenging investor confidence, while improved US Q1 GDP estimates and PCE price index figures may reinforce the “higher for longer” narrative and further unsettle markets.
#CommodityMarket #MarketAnalysis #Podcast #Investing #trading
Kotak Securities is a preferred choice of millions of customers when it comes to investment decisions. With free access to credible research, competitive pricing, and high-speed trading platforms, it makes investing an effortless journey for both new investors and experienced traders. To open a FREE Demat and trading account with Kotak Securities, please click here: https://www.kotaksecurities.com/
Disclaimer: https://bit.ly/KSLResearchDisclaimer
———————————————————————————————–
To watch more videos on Stock Updates,
▶️ Subscribe to Kotak Securities & hit the 🔔 to watch our videos first.
🌐 LEARN MORE ABOUT STOCKS: https://www.kotaksecurities.com/
——————————————————————————————
FOLLOW US FOR STOCK UPDATES ON:
Telegram – https://t.me/KotakSecurities
Twitter: https://twitter.com/kotaksecurities/
Instagram: https://www.instagram.com/kotaksecurities/
LinkedIn: https://www.linkedin.com/company/kotak-securities
Facebook: https://www.facebook.com/kotaksecurities/
——————————————————————————————
Customer Service: 1800 209 9191
We hope you enjoy your investment experience with us. If you have any other questions, please feel free to email our support team.