MCX Silver under short covering; Resistance seen at 44597

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MCX Zinc under fresh selling; Support seen at 182.9

MCX Copper under long liquidation; Resistance seen at 450.4

MCX Natural Gas under short covering; Support seen at 150.8

MCX under long liquidation; Support seen at 3841

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MCX under short covering; Support seen at 37790

Technically Silver market is under short covering as market has witnessed drop in by -3.04% to settled at 12850 while prices up 962 rupees.

Now MCX Silver is getting support at 43270 and below same could see a test of 42462 levels, and resistance is now likely to be seen at 44597, a move above could see prices testing 45116. 

Silver on MCX settled up 2.23% at 44079 on ’s political chaos that saw its airport disrupted for the second day amid ongoing protests.

The Trade Representative announced overnight that certain products including clothing and cellphones have been removed from the tariff list based on “health, safety, national security and other factors” and will not face additional tariffs of 10%. Other tariffs will be delayed to Dec. 15 from Sep. 1 for certain goods, it said.

The decision led to widespread hope that the trade war between the two countries was on the mend, sending equities higher but dented demand for the safe-haven. U.S. President Donald Trump tweeted that the Chinese government is moving troops to the border with Hong Kong. US consumer prices rose as expected last month, buoyed by gains in the cost of energy products and a range of other goods.

The Labor Department reported that the consumer price index () increased 0.3% in July, after edging up 0.1% for two straight months. On a yearly basis, the increased 1.8% after advancing 1.6% in June. In , consumer prices rose 1.7% from a year ago and 0.5% from a month ago in July, according to the Federal Statistical Office. A survey from the ZEW institute showing the mood among German slid far more than expected in August.

Trading Ideas:
–Silver trading range for the day is 42462-45116.
–Silver prices gained on Hong Kong’s political chaos that saw its airport disrupted for the second day amid ongoing protests.
–USTR announced overnight that certain products including clothing and cellphones have been removed from the tariff.
–US consumer prices rose as expected last month, buoyed by gains in the cost of energy products and a range of other goods.

Courtesy: Kedia Commodities

Source: Commodityonline.com