Gold Rises After Biggest Weekly Drop Since June
Gold prices rose on Monday following their sharpest weekly drop since June, as weaker U.S. labor market data tempered expectations of further Federal Reserve rate hikes. However, the upward momentum was constrained by higher Treasury yields and climbing oil prices, which continued to pressure bullion.
WTI crude oil prices declined during Asian trading hours, as increased Middle East crude exports and a planned G7 emergency oil stock release alleviated some supply concerns. Yet, persistent geopolitical tensions prevented a more significant downturn.
Copper futures rebounded above $6.5 per pound, recovering some of last week’s losses after softer-than-anticipated U.S. jobs data eased pressure on the Federal Reserve to tighten monetary policy further.
Axis Securities Ltd advised selling gold below 148,800 with a stop-loss above 150,000 and target prices of 147,000 or 146,000. The firm also recommended buying silver above 229,000 with a stop-loss below 226,000 and target prices of 234,000 or 238,000. For crude oil, the firm suggested buying above 8,800 with a stop-loss below 8,900 and targets of 9,050 or 9,150. Lastly, copper was advised to be bought above 1,407 with a stop-loss below 1,400 and targets of 1,417 or 1,425.