MCX Copper likely to move in a range of 433.2-442
MCX Natural Gas may move in a range of 205.1-219.3
MCX Crude Oil under long liquidation; Support seen at 5032
MCX Silver likely to move in a range of 37093-37473
MCX Nickel under short covering; Resistance seen at 905.3
Technically MCX Gold is getting support at 30550 and below same could see a test of 30502 level, And resistance is now likely to be seen at 30658, a move above could see prices testing 30718.
Gold prices traded in range following news that China would retaliate against a new round of U.S. tariffs on its goods. U.S. Treasuries also rose. The dollar hit a nine-week low against a basket of major currencies, while world stocks bounced up amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than originally feared.
The U.S. economy will expand at a robust pace in coming quarters but slow to 2 percent by the end of 2019, according to forecasters who unanimously said the escalating trade war with China was bad economic policy.
Investors have been buying the dollar and selling gold in recent months believing the United States has less to lose from a trade dispute than China. But they may be losing faith in the ability of the U.S. economy to withstand a full-blown trade war with China.
Russia’s gold reserves stood at 64.3 million troy ounces as of the start of September, the central bank said.
Switzerland’s gold trade boomed in August, with imports hitting their highest level since January 2017 and exports the highest since June last year, data from the Swiss customs bureau showed. Investors are awaiting next week’s Federal Reserve meeting. The U.S. central bank is widely expected to raise benchmark interest rates and shed light on the path for future rate hikes.
–Gold trading range for the day is 30502-30718.
–Gold prices traded in range following news that China would retaliate against a new round of U.S. tariffs on its goods. U.S. Treasuries also rose.
–The dollar slipped after Beijing announced on Tuesday retaliatory tariffs that targeted more than 5,000 U.S. products worth $60 billion.
–India should not tamper with its gold import duty or impose other restrictions to support the rupee, the World Gold Council said.
Courtesy: Kedia Commodities