Weekly Commodity Podcast by Ravindra Rao | 30th Oct 2023

Commodity Market Analysis and Outlook - 30th October - 3rd November, 2023:• In the past week, global financial markets experienced notable fluctuations, influenced by developments in the Israel-Hamas conflict, mixed corporate earnings reports, and the rollout of economic stimulus measures in China.• The US dollar received a boost from a combination of lackluster corporate earnings, safe-haven demand, and signs of resilience in the US economy.• It reached a 3-week high, trading at 106.89. US 10-year treasury yields also remained near a 16-year high, crossing the 5% mark for the first time since 2007.• COMEX Gold climbed above $2,000 per ounce, marking its third consecutive weekly gain amid escalating geopolitical uncertainties in the Middle East.• In this uncertain environment, gold prices have and are expected to rise further as the metal benefits from a higher risk premium.• From a technical standpoint, COMEX gold might target all-time highs in the range of $2,085 to $2,090 per troy ounce provided it stays above $2009 on a few closings.• WTI Crude oil prices initially fell to $82.08 per barrel, however, prices rebounded to $86.3 per barrel amid fears of geo-political conflicts.• WTI crude oil is expected to maintain a trading range of $82 to $88 per barrel. A decisive break in either direction could establish a clear trend.• LME base metals experienced fluctuations as investors assessed whether China's renewed focus on fiscal spending would provide the necessary boost to the economy. • Traders will continue to remain on edge due to concerns of further escalation in the Israel-Hamas conflict. • On the economic data front, it will be a packed week with market attention focused on the US labor report, major central bank meetings and final PMI figures.Find out in our commodity outlook and trading strategy for Gold, Silver, Crude Oil, and base metals.#commoditymarkets #commodities #commoditytrading #stockmarket #kotaksecurities #technicalanalysis #podcast