In this episode of Weekly Commodity Forecast, our Research Analyst Mr. Anuj Choudhary takes you through the key developments:
Macro Headlines: Venezuela's President Maduro ousted on Jan 3 sparks geopolitical risks; muted Russia/China response adds uncertainty. China's services slowed with weak exports/employment; US Manufacturing PMI at 51.8 signals weakest growth in 5 months.
Gold: Sharp profit booking from ₹140,444 to ₹134,300, closed at ₹135,761 (-2.94%). Breached 9-day EMA but positive momentum; medium-term bullish on geopolitics/slowing data. Watch resistance: ₹140,465/₹143,820; support: ₹134,300/₹132,250.
Crude Oil: Down 0.52% to ₹5,155 in falling channel, below 9/20-day EMA with weakening momentum. Venezuela highlights oil reserves amid soft demand. Resistance: ₹5,255/₹5,315; support: ₹5,005/₹4,850.
Weekly Watchlist: Key US employment/activity data amid rising uncertainty.
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