Weekly Commodity Podcast With Ravindra Rao | 12th June 2023

Commodity Market Analysis and Outlook - 12th June - 16th June, 20231. The U.S. Dollar failed to breach the important resistance level and was down almost 0.5% in the previous week.2. An unexpected surge in the U.S. jobless claims and weak U.S. ISM Services PMI added to the dollar’s weakness. Hawkish comments from ECB president further weighed on the greenback.3. COMEX Gold registered a second weekly gain as weak U.S. PMIs raised the odds of a Fed rate pause in the June FOMC meeting.4. Markets are now pricing in a 76% probability that the Fed will leave interest rates unchanged at the June FOMC meeting.5. On the price action front silver has formed an inverse HNS bullish pattern that might take prices beyond $25/oz. Gold is expected to trade between $1934/oz-$1986/oz.6. WTI Crude oil prices pared opening week gains to end the week down by more than 2%.7. On the price action front copper has moved out of the falling trend line indicating further bullishness in price. 8. The week will be very eventful in the U.S., with the Fed interest rate decision on June 14th, and inflation and retail sales print data taking the centre stage.9. Traders will also track the European Central Bank and Bank of Japan monetary policy meetings. APN:Gold registers second weekly gainFOMC & ECB monetary policy meetings in focusFind out in our commodity outlook and trading strategy for Gold, Silver, Crude Oil, and base metals.