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Wednesday, May 18, 2022

MCX Gold may trade in a range between 29087-29721 levels

MCX Aluminium may trade between 140.6-144.4 levels

Nickel market under long liquidation; Support seen at 916.6

MCX Zinc may trade in a range between 161.9-173.1

MCX Copper may trade between 395.2-420.2 levels

Natural Gas market under long liquidation; Support seen at 202.4

Technically MCX Gold is getting support at 29208 and below same could see a test of 29087 levels and resistance is now likely to be seen at 29525, a move above could see prices testing 29721.

Gold on MCX settled down -1.36% at 29330 despite news that China and the United States will hold trade talks this month. The meeting between a Chinese delegation and U.S. representative’s offers hope for progress in resolving the trade conflict that has unnerved financial and commodity markets in recent weeks.

China and the United States will hold lower-level trade talks this month, the two governments said on Thursday, offering hope that they might resolve an escalating tariff war that threatens to engulf all trade between the world’s two largest economies.

The United States warned Turkey to expect more economic sanctions unless it hands over detained American pastor Andrew Brunson, as relations between the two countries took a further turn for the worse.

U.S. President Donald Trump praised the strength of the U.S. dollar on Thursday after the greenback reached a 14-month high against a broad basket of other currencies a day earlier. U.S. homebuilding rebounded less than expected from a nine-month low in July, suggesting the housing market was likely to tread water for the rest of this year against the backdrop of rising construction costs and labour shortages.

Political and economic uncertainty have seen investors opt for the safety of U.S. Treasuries and the U.S. currency, which when it rises makes dollar-denominated gold more expensive for holders of other currencies, potentially subduing demand. Federal Reserve Chairman Jerome Powell is scheduled to speak next Friday, Aug. 24, at the annual global central bank conference in Jackson Hole, Wyoming, the Fed said on Thursday.

Trading Ideas:
–Gold trading range for the day is 29087-29721.
–Gold prices remained under pressure despite news that China and the United States will hold trade talks this month.
–The meeting between a Chinese delegation and U.S. representatives offers hope for progress in resolving the trade conflict.
–Political and economic uncertainty have seen investors opt for the safety of U.S. Treasuries and the U.S. currency.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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