MCX Copper may trade between 418.1-437.1 levels
Natural Gas market under fresh selling; Support seen at 190.9
MCX Crude Oil may trade in a range between 4636-4864
MCX Cotton under fresh buying; Support seen at 23954
Gold market under fresh selling; Support seen at 29747
Technically Silver market is under fresh selling as market has witnessed gain in open interest by 3.04% to settled at 24239 while prices down -21 rupees.
Now MCX Silver is getting support at 38069 and below same could see a test of 37816 levels and resistance is now likely to be seen at 38506, a move above could see prices testing 38690.
Silver remained under pressure as stronger dollar and rising interest rates weighed on the metal. The Federal Reserve is expected to keep interest rates unchanged on Wednesday, but solid economic growth combined with rising inflation are likely to keep it on track for another two hikes this year even as President Donald Trump has ramped up criticism of its push to raise rates.
News of renewed trade talks between the U.S. and China and strong economic data boosted the greenback. The two largest economies in the world have remained in a tit-for-tat battle over the past few months due to trade disagreements.
U.S. consumer spending increased solidly in June as households spent more at restaurants and on accommodation, building a strong base for the economy heading into the third quarter, while inflation rose moderately. Prices also continued to rise steadily last month. The personal consumption expenditures (PCE) price index excluding the volatile food and energy components gained 0.1% from a month ago in June.
The Commerce Department said that consumer spending, which accounts for more than two-thirds of economic activity in the US, rose 0.4% last month. Eurozone gross domestic product (GDP) grew by just 0.3% quarter on quarter during the April-June period, slower than the 0.4% in the January-March period, the European Union (EU)’s statistical office Eurostat said. On a yearly basis, the growth rate slipped to 2.1% in the second quarter from 2.5% in the first quarter.
–Silver trading range for the day is 37816-38690.
–Silver remained under pressure as stronger dollar and rising interest rates weighed on the metal.
–Fed is expected to keep interest rates unchanged, but solid economic growth combined with rising inflation are likely to keep it on track for another hikes.
–U.S. consumer spending increased solidly in June, building a strong base for the economy heading into the third quarter, while inflation rose moderately.
Courtesy: Kedia Commodities