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Tuesday, May 17, 2022

Silver market under long liquidation; Support seen at 36315

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 Silver market is under long liquidation as market has witnessed drop in open interest by 4.04% to settled at 25361.

Now MCX Silver is getting support at 36315 and below same could see a test of 35742 levels and resistance is now likely to be seen at 37569, a move above could see prices testing 38250.

Silver on MCX settled down 2.41% at 36889 as the broadly strong dollar continued to weigh on demand for bullion. Prices remained under pressure as fears over contagion effects from Turkey’s financial crisis saw investors continue to seek safety in the U.S. dollar.

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.

U.S. President Donald Trump has rattled the world trade order by seeking to renegotiate the terms of some of the United States’ trading relationships to combat what he calls unfair trade practices by China, Europe and other countries. Exports to the US increased by 3.9% in the first half of this year, while imports fell by 2.4%, widening the EU’s trade surplus with its largest trading partner.

The number of Americans filing for unemployment benefits fell for a second straight week last week, suggesting no impact yet on the labour market from ongoing trade tensions. Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 212,000 for the week ended August 11, the Labor Department said on Thursday.

Data for the prior week was revised to show 1,000 more applications received than previously reported. Key things to watch today include US consumer sentiment in August surveyed by the University of Michigan and the eurozone’s consumer price inflation in July. 

Trading Ideas:
–Silver trading range for the day is 35742-38250.
–Silver prices fell as the broadly strong dollar continued to weigh on demand for bullion.
–Prices remained under pressure as fears over contagion effects from Turkey’s financial crisis saw investors continue to seek safety in the U.S. dollar.
–Market concerns grew as Turkey doubled tariffs on some US imports.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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