MCX Nickel may trade between 955.3-984.5 levels
MCX Aluminium under fresh selling; Support seen at 142.2
MCX Mentha Oil likely to trade in a range of 1430.4-1511.4
Zinc market under fresh selling; Support seen at 178.8
MCX Copper under fresh selling; Support seen at 429.9
Technically Gold market is under fresh selling as market has witnessed gain in open interest by 5.54% to settled at 6778 while prices down 89 rupees.
Now MCX Gold is getting support at 30403 and below same could see a test of 30278 levels and resistance is now likely to be seen at 30654, a move above could see prices testing 30780.
Gold on MCX settled down -0.29% at 30528 following moves in the dollar that have weighed on the precious metal in recent weeks amid concerns about trade wars between economic superpowers and tightening monetary policy in the U.S.
A strengthening dollar proved the most significant headwind for precious metals on Tuesday with one measure of the buck, the Dollar Index rising by nearly 0.1% to 94.158. Gold on Monday accumulated modest gains even as the buck rose, but Tuesday’s moves put the dollar gauge on pace to rise 0.1% for the week thus far.
The Trump administration raised the stakes in its trade war with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports. Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of U.S. exports to China.
Trump suggested on Monday that China might be seeking to derail U.S. efforts aimed at denuclearising North Korea. Gold demand has been hurt by the fear that a trade spat may hurt Beijing’s economy, which already has shown signs of decelerating in recent months.
China is one of the world’s biggest buyers in metals, including gold. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.18 percent to 800.77 tonnes on Monday, its lowest since August 2017.
–Gold trading range for the day is 30278-30780.
–Gold prices were under pressure as a stronger dollar pushed the precious metal back towards 7-month lows hit a week earlier.
–The Trump administration raised the stakes in its trade war with China, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports.
–U.S. data continued to show signs of economic strength with small business optimism dipping much less than expected in June, holding onto the sixth highest level in its history.
Courtesy: Kedia Commodities