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Tuesday, July 5, 2022

MCX Gold may trade between 29644-30098 levels

MCX Nickel likely to move in a range of 910.2-942.8

MCX Zinc under short covering; Support seen at 176.9

MCX Copper may move in a range of 411.9-425.7

MCX Natural Gas under fresh selling; Support seen at 189.5

MCX Crude Oil under fresh buying; Resistance seen at 4754

Technically MCX Gold is getting support at 29782 and below same could see a test of 29644 level, And resistance is now likely to be seen at 30009, a move above could see prices testing 30098.

Gold on MCX settled up 0.12% at 29920 after U.S. President Donald Trump criticised the strength of the dollar and interest rate increases by the Federal Reserve, pushing the greenback sharply lower.

Fed Chairman Jerome Powell did nothing to counter expectations of two more rate rises this year and said the United States was poised for several more years of growth. In other news, the European Union (EU) is expected to retaliate against the U.S. after the latter imposed tariffs on European steel and aluminum in June.

The EU has already imposed import tariffs on 2.8 billion euros (US$3.8 billion) worth of US products. Demand for gold is expected to rise during the second half of 2018, as inflation potentially rises and a global trade war may impact currencies, the World Gold Council said.

Switzerland’s gold exports rose for a second month in June as shipments to China jumped to the highest in four months, data from the Swiss customs bureau showed.

Switzerland, a major trading, vaulting and refining centre for precious metals, said it exported 117.6 tonnes of gold in June, up from 115 tonnes in May but down 27 percent year on year.

A drop in prices spurred some interest for physical gold in major Asian hubs in the week, but failed to stoke significant demand in India as buyers awaited bigger dips. Dealers in India were charging a premium of up to $1 an ounce over official domestic prices in the week, down from $1.5 last week.

Trading Ideas:
–Gold trading range for the day is 29644-30098.
–Gold prices rose after U.S. President Donald Trump criticised the strength of the dollar and interest rate increases by the Federal Reserve, pushing the greenback sharply lower.
–Demand for gold is expected to rise during the second half of 2018, as inflation potentially rises and a global trade war may impact currencies, the World Gold Council said.
–Switzerland’s gold exports rose for a second month in June as shipments to China jumped to the highest in four months, data from the Swiss customs bureau showed.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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