Commodity outlook by Tradebulls Securities: Buy zinc, sell silver

Commodity outlook and trading ideas by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls.

Gold speculators has increased their bullish bets to highest since 2016. Starting from this week, the yellow metal was on the back foot due to recent supportive data of US jobs number which reduced the expectation of an aggressive rate cut from the US Fed. However, recent statement by the Fed chairman Jerome Powell boosted all precious metals and equity market. The text suggested June FOMC meeting uncertainties, world trade tension, low inflation and gloom outlook of US economy.

Market is reading his remarks as dovish on US monetary policy and interest rate of 25 basis points (bps) is