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Friday, July 1, 2022

MCX Silver under short covering; Support seen at 38157

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 Silver market is under short covering as market has witnessed drop in open interest by 3.33% to settled at 21770 while prices up 163 rupees.

Now MCX Silver is getting support at 38157 and below same could see a test of 37858 level, And resistance is now likely to be seen at 38634, a move above could see prices testing 38812.

Silver on MCX settled up 0.43% at 38457 as U.S. President Donald Trump criticized the Federal Reserve for increasing interest rates. Trump said in an interview that he does not approve of how the Fed is approaching monetary policy.

The Fed raised rates twice this year and is expected to raise rates at least once more before the end of the year. St. Louis Federal Reserve Bank President James Bullard responded to Trump’s comments, saying the Fed would not be impacted.

“The [Fed] has a mandate to keep inflation low and stable and obtain maximum employment for the U.S. economy, so people can comment, including the president and other politicians, but it’s up to the committee to try to take the best action we can to achieve those objectives,” he said.

Fed Chairman Jerome Powell in a two-day congressional testimony said he believed the United States was on course for years more of steady growth and reaffirmed expectations for more interest rate rises in the world’s largest economy.

Trump criticized Federal Reserve policy even though most economists believe the highest inflation in seven years and lowest unemployment in 40 years justify recent interest rate rises and a strong U.S. dollar.

US data showed unemployment claims fell 8 thousand to 207 thousand from 215K, beating expectations of 220K, while continuing claims for the week ending July 7 rose 8 thousand to 1.751 million from 1.743 million, missing estimates of 1.729 million.

Trading Ideas:
–Silver trading range for the day is 37858-38812.
–Silver prices rose as U.S. President Donald Trump criticized the Federal Reserve for increasing interest rates.
–Trump said in an interview that he does not approve of how the Fed is approaching monetary policy.
–St. Louis Federal Reserve Bank President James Bullard responded to Trump’s comments, saying the Fed would not be impacted.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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