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Wednesday, August 17, 2022

Silver market under fresh selling; Support seen at 37100

Crude Oil market under fresh buying; Support seen at 4938

MCX Gold may trade in range between 30460-30866 levels

MCX Crude Palm Oil under Fresh selling; Support seen at 604.4

NCDEX Ref Soy Oil may trade between 744-750 levels

NCDEX Soyabean under fresh buying; Resistance seen at 3283

Technically Silver market is under fresh selling as market has witnessed gain in open interest by 2.15% to settled at 26453 while prices down 93 rupees.

Now Silver is getting support at 37100 and below same could see a test of 36800 levels and resistance is now likely to be seen at 37605, a move above could see prices testing 37810.

Silver remained under pressure with investors reticent to bid up the metal in the face of looming U.S. interest rate increases and escalating Sino-U.S. trade tensions.

The euro underpinned by easing concerns over Italian debt and the British pound near five-week highs on hopes of a Brexit deal with the European Union. Meanwhile, China is planning to ask the WTO for permission to impose sanctions on the U.S., according to a WTO meeting agenda.

Beijing will formally place the request next week, as an apparent response to remarks from Trump. Broadly underpinning the dollar were Friday’s comments from U.S. President Donald Trump that he was ready to impose tariffs on virtually all Chinese imports to the United States.

Furthermore, U.S. payrolls data last week cemented expectations that the Federal Reserve will raise U.S. interest rates in September. That would be the third increase this year, with expectations of another in December. The ZEW’s measure of economic sentiment climbed to -10.6 from -13.7 in August, the Mannheim-based think tank said.

The US sales at wholesale were unchanged in July after dipping 0.2% in June. At July’s sales pace it would take wholesalers 1.26 months to clear shelves, up from 1.25 in June.

The wholesale inventories increased 0.6% instead of gaining 0.7% as reported last month. Given strong domestic demand, businesses are likely to boost stocks of goods, which should underpin production at factories.

Trading Ideas:
–Silver trading range for the day is 36800-37810.
–Silver remained under pressure with investors reticent to bid up the metal in the face of looming U.S. interest rate increases and escalating Sino-U.S. trade tensions.
–Furthermore, U.S. payrolls data last week cemented expectations that the Federal Reserve will raise U.S. interest rates in September.
–The wholesale inventories increased 0.6% instead of gaining 0.7% as reported last month. Stocks at wholesalers edged up 0.1% in June.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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