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Tuesday, November 30, 2021

MCX Gold expected to trade in a range between 30801-31761

MCX Silver likely to trade between 38165-39761 levels

NCDEX Mustard Seed may trade between 4185-4247 levels

MCX Crude Palm Oil under short covering

NCDEX Ref. Soya Oil under fresh buying; Resistance seen at 760

NCDEX Soyabean likely to move in a range of 3167-3293

Technically MCX Gold is getting support at 31082 and below same could see a test of 30801 levels and resistance is now likely to be seen at 31562, a move above could see prices testing 31761.

Gold on MCX settled up 1.31% at 31363 on worries over Italian finances. EU officials expressed concerns about Italy’s financial budget plan and fears of a widening budget deficit drove up safe-haven demand.

U.S. Federal Reserve Chairman Jerome Powell hailed a “remarkably positive outlook” for the U.S. economy that he feels is on the verge of a “historically rare” era of ultra-low unemployment and tame prices for the foreseeable future.

The Fed’s point-person on the theory of how high to raise interest rates said that estimating this “neutral” level is getting more difficult and less relevant as the U.S. central bank continues tightening policy.

Sales of gold products by the Perth Mint surged in September to their highest since January 2017, while silver sales more than doubled from August to mark an over two-year peak, boosted by lower bullion prices, the mint said.

Sales of gold coins and minted bars surged 61 percent from August to 62,552 ounces last month, the mint said. Gold sales in September rose about 35 percent from a year-ago period.

China’s net gold imports via main conduit Hong Kong fell 29 percent in August from the previous month, data showed. Imports via Hong Kong to China, the world’s top consumer of the metal, decreased to 31.857 tonnes in August from 44.802 tonnes in July, according to data mailed to Reuters by the Hong Kong Census and Statistics Department.

Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.32 percent to 23,721,571.86 ounces.

Trading Ideas:
–Gold trading range for the day is 30801-31761.
–Gold prices ended with gains on worries over Italian finances.
–Fed Chairman Powell hailed a “remarkably positive outlook” for the U.S. economy that he feels is on the verge of a “historically rare” era of ultra-low unemployment.
–The Fed’s point-person on the theory of how high to raise interest rates said that estimating this “neutral” level is getting more difficult and less relevant.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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