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Wednesday, July 6, 2022

Silver market under fresh selling; Support seen at 37820

Natural gas market under fresh selling; Support seen at 188.5

MCX Zinc under fresh selling; Resistance seen at 173.5

Crude Oil market under long liquidation; Support seen at 4590

MCX Nickel under fresh selling; Support seen at 898.8

MCX Aluminium under fresh selling; Resistance seen at 141.8

Technically Silver market is under fresh selling as market has witnessed gain in open interest by 8.55% to settled at 26311 while prices down -365 rupees.

Now Silver is getting support at 37820 and below same could see a test of 37685 levels and resistance is now likely to be seen at 38170, a move above could see prices testing 38385.

Silver on MCX settled down 0.95% at 37956 on a stronger dollar as the market waited for the result of a Federal Reserve meeting later in the day. The U.S. Federal Reserve kept interest rates unchanged but characterized the economy as strong, keeping the central bank on track to increase borrowing costs in September.

The Fed said economic growth has been rising strongly and the job market has continued to strengthen while inflation has remained near the central bank’s 2 percent target since its last policy meeting in June, when it raised rates. “Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low.

Fed Chairman Jerome Powell recently said the economy is in a “really good place” and pledged to continue with gradual increases in borrowing costs in order to maintain the second-longest U.S. economic expansion on record.

Private payrolls in the US increased by 219,000 in July, more than the expected 186,000, ADP and Moody’s Analytics said. Job growth in July was also revised up to 181,000 from 177,000.

US Markit manufacturing PMI dropped to 55.3 in July from June’s 55.4, slightly lower than the expected 55.5. Meanwhile, the Institute for Supply Management’s July manufacturing index for the US was 58.1, below expectations of 59.5 and July’s 60.2. Key factors to watch today will be US initial jobless claims last week, factory orders and durable goods orders in June.

Trading Ideas:
–Silver trading range for the day is 37685-38385.
–Silver edged lower on a stronger dollar as the market waited for the result of a Federal Reserve meeting later in the day.
–The Trump administration plans to propose slapping a 25-percent tariff on $200 billion of imported Chinese goods after initially setting them at 10 percent.
–China’s central bank will fine-tune monetary policy in a “pre-emptive” way to ensure liquidity is reasonably ample, it said.

Courtesy: Kedia Commodities 

Source: Commodityonline.com

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