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Thursday, July 7, 2022

Gold market under fresh buying; Support seen at 30502

NCDEX Turmeric under fresh buying; Resistance seen at 6754

NCDEX Mustard Seed under fresh selling; Support Seen at 3980

MCX Crude Oil likely to trade in a range between 3524-3892

MCX Crude Palm Oil likely to move in a range of 479.5-496.3

NCDEX Ref. Soya Oil under fresh buying; Resistance seen at 720

Technically Gold market is under fresh buying as market has witnessed gain in open interest by 8.98% to settled at 12762 while prices up 645 rupees.

Now MCX Gold is getting support at 30502 and below same could see a test of 30114 levels and resistance is now likely to be seen at 31092, a move above could see prices testing 31294.

Gold on MCX settled up 2.13% at 30889 as the dollar weakened on U.S.-China trade truce that revived investor demand for riskier assets. Top U.S. Federal Reserve officials say a strong economy will likely keep their rate increase plans intact, but a key signal began to waver that may intensify debate about whether conditions are as solid as they seem.

Traders will be monitoring trade developments after the U.S. and China agreed to a ceasefire in their trade war, while awaiting fresh indications on the direction of U.S. monetary and an update on the health of the U.S. labor market.

The U.S. agreed not to increase the 10% tariffs on $200 billion worth of Chinese imports on Jan. 1 following talks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping over the weekend. The two sides will engage in new trade negotiations with the goal of reaching an agreement within 90 days.

If no new agreement is reached in this time the 10% tariffs will be raised to 25%. The trade spat between the world’s two largest economies has unnerved global financial markets and acted as a drag on global growth.

The U.S. non-farm payrolls report for November, scheduled to be published on Friday, is expected to show that jobs growth slowed while wage growth picked up slightly. An uptick in wage growth would help underline expectations for a December rate hike.      

Trading Ideas:
–Gold trading range for the day is 30114-31294.
–Gold prices gained as the dollar weakened on U.S.-China trade truce that revived investor demand for riskier assets.
–U.S. and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets.
–Speculators increased their net short position in gold by 8,464 contracts to 51,828 contracts, according to U.S. CFTC data.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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