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Thursday, December 2, 2021

MCX Silver likely to trade between 38165-39761 levels

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

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 now Silver is getting support at 38628 and below same could see a test of 38165 levels and resistance is now likely to be seen at 39426, a move above could see prices testing 39761.

Silver on MCX settled up 1.68% at 39092 buoyed by safe-haven demand as Italy’s budget plan sets it on course for a potential clash with the European Union.

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 array of trade tariffs and counter measures from other countries could raise U.S. inflation but there is so far no indication of that happening, Powell said.The Fed raised interest rates last week and said it planned four more increases by the end of 2019 and another in 2020.

Risk appetite was hit after EU officials expressed concerns about Italy’s budget plan, which would widen the deficit significantly. The deficit blowout revived fears of the eurozone debt crisis.

Italy’s government has no intention of leaving the euro, Claudio Borghi, the economics spokesman of the right-wing League, said, clarifying earlier remarks which had roiled financial markets.

China’s hopes of negotiating a free trade pact with Canada or Mexico were dealt a sharp setback by a provision deep in the new U.S.-Mexico-Canada trade agreement that aims to forbid such deals with “non-market” countries.

The Perth Mint silver sales more than doubled from August to mark an over two-year peak, boosted by lower bullion prices, the mint said. Silver sales by the Perth Mint soared 151 percent from August to 1,305,600 ounces, their highest since March 2016. From a year earlier, sales advanced about 87 percent.

Trading Ideas:
–Silver trading range for the day is 38165-39761.
–Silver prices edged up buoyed by safe-haven demand as Italy’s budget plan sets it on course for a potential clash with the European Union.
–A report showed that U.S. private sector employers added 230,000 jobs in September, well above expectations, indicating that the labor market remains robust.
–The Fed raised interest rates last week and said it planned four more increases by the end of 2019 and another in 2020.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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