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Wednesday, August 10, 2022

MCX Gold may trade in a range between 31585-31893

MCX Cotton under fresh selling; Resistance seen at 22430

MCX Cardamom under fresh buying; Support seen 1415.2

NCDEX Jeera likely to move in a range of 20740-21780

NCDEX Turmeric under fresh buying; Resistance seen at 6748

NCDEX Mustard Seed may trade between 4133-4191 levels

Technically MCX Gold is getting support at 31643 and below same could see a test of 31585 levels and resistance is now likely to be seen at 31797, a move above could see prices testing 31893.

Gold prices steady as investors were cautious ahead of the U.S. congressional elections due on Tuesday. Investors are now focused on the U.S. congressional elections on Nov. 6, which will determine whether the Republican or Democratic party controls Congress, with some predicting increased market volatility on the outcome.

U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December.

The U.S. and China are not close to a deal to resolve their trade differences, the White House’s top economic adviser said, adding that he was less optimistic than previously that such an agreement would come together. British Prime Minister Theresa May’s office has dismissed as “speculation” a newspaper report that suggests an all-UK customs deal will be written into the legally binding agreement governing Britain’s withdrawal from the EU.

Hedge funds and money managers raised their net short position in gold by 18,723 contracts to 45,622 contracts, according to U.S. Commodity Futures Trading Commission data on Friday. This was the highest in three weeks.

Physical gold demand in India was lacklustre last week, with dealers offering discounts for the metal ahead of a traditionally busy festival week for the first time in at least three years, as high prices kept consumers away. SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent to 757.29 tonnes on Monday from 759.06 tonnes on Friday.

Trading Ideas:
–Gold trading range for the day is 31585-31893.
–Gold prices steady as investors were cautious ahead of the U.S. congressional elections due on Tuesday.
–Euro zone finance ministers called on Italy to change its 2019 budget before a deadline set for next week to conform with European Union rules.
–Meanwhile, the dollar lost as growing expectations of an orderly Brexit bolstered the pound, euro and broader global investor sentiment.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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