On Monday, gold increases after dipping on a strong dollar. Spot Gold rose 0.20% at $1,937, while COMEX Gold Future was trading more than 0.55% at $1,944 per troy ounce.
MCX Gold value consolidated around the recent low of 50,360 on the hourly interval. The hourly RSI is in positive divergence. on the higher end, resistance seen at 51,110 while on the lower end, support seen at 50,300
On Monday, oil prices fell after the Saudi cut price on fading global demand. West Texas Intermediate (WTI) crude decreased by 1.16% at $39.41 while Brent crude dipped 0.96% at $42.25.
MCX Crude oil eased below the previous swing low on the hourly chart, which shows boosting bearishness. RSI is in positive divergence. But, the bias is still on the opposing side. On the lower end, support stood at 2,860/2,770, and the higher-end resistance was at 3,050.
On September 7, base metals were trading mostly with a positive bias. On London Metal Exchange (LME), Aluminium gained 0.13% at $1,793 while Copper added 0.10% at $6,785 Zinc climbed 0.10% at $2,508 and Lead jumped 0.13% at $1,978.
MCX Copper on the hourly timeframe high moved above the previous swing. The hourly RSI has reached the overbought zone. On the lower end, support stood at 523/518, while the higher end resistance was at 529.
168,216 tons of products worth $601 million were traded at IME
According to the Iran Energy Exchange, there was a sharp rise in IME’s domestic and export metal and mineral trading floors. Tons of 168,216 different products worth nearly $601 million were traded.
On the trading flow, 320 tons of zinc ingot, 4,735 tons of copper, 6,300 tons of aluminum, 120 tons of molybdenum concentrates, 151,732 tons of steel,12 tons of precious metal concentrates, 5,000 tons of coke, and 20 kg of gold bullion were traded by customers.
Besides, 393,714 tons of various commodities worth $576million were traded on domestic and export oil and petrochemical trading floors of IME.
On this trading floor, 22,000 tons of lube cut oil, 89,500 tons of VB feed stock, 51,604 tons of bitumen, 1,450 tons of base oil, 37,460 tons of chemical products, 79,990 tons of polymer products, 565 tons of insulation, 200 MT of slaps waxes, 120 tons of argon, and 1 0,825 tons of sulfur were traded.
Also, the IME’s agricultural trading floor played host to trading of 2,000 kg of saffron strands. Tons of 2,584 commodities were traded on the IME side market, while in August 2020, higher than 2.787 million tons of items valued over $5.368 billion have been traded at the IME.