17.9 C
New York
Monday, May 23, 2022

MCX Silver under fresh buying; Resistance seen at 40784

MCX Gold under fresh buying; Support seen at 32943

MCX Crude Oil under fresh selling; Support seen at 3832

MCX Natural Gas may move in a range of 193.7-212.5

MCX Copper may trade between 433.3-442.1 levels

MCX Zinc under Fresh buying; Support seen at 192.9

Technically Silver market is under fresh buying as market has witnessed gain in open interest by 0.32% to settled at 14754 while prices up 104 rupees.

Now MCX Silver is getting support at 39997 and below same could see a test of 39556 level, And resistance is now likely to be seen at 40784, a move above could see prices testing 41130.

Silver gained after the Federal Reserve left interest-rates unchanged and employed language hinting at a momentary pause in monetary tightening.

The Federal Reserve left a key U.S. interest rate at a range of 2.25% to 2.50% and Chairman Jerome Powell said the central bank would be “patient” about further interest-rate moves, adding that it was open to slowing the pace of the runoff of its $4 trillion balance sheet if needed.

Of particular note to market participants, the Fed removed a reference to “further gradual rate increases” in its policy statement, leaving many to believe that future rate hikes were on hold until further notice.

The policy update marked a decidedly dovish shift for the Fed, even if the market had anticipated a more moderated stance on the pace of monetary normalization.

President Donald Trump said trade talks in Washington between the U.S. and China are going well, but that he doesn’t expect to reach a final deal until he and Chinese President Xi Jinping meet “in the near future.”

The number of Americans filing applications for unemployment benefits surged to near a 1-1/2-year high last week, which could raise concerns that the labour market is slowing, though the numbers may have been skewed by the five-week shutdown of the federal government.

Initial claims for state unemployment benefits jumped 53,000 to a seasonally adjusted 253,000 for the week ended January 26, the highest level since September 2017, the Labor Department said.

Trading Ideas:
–Silver trading range for the day is 39556-41130.
–Silver gained after the Federal Reserve left interest-rates unchanged and employed language hinting at a momentary pause in monetary tightening.
–Fed’s Chairman Jerome Powell said the central bank would be “patient” about further interest-rate moves
–President Donald Trump said trade talks in Washington between the U.S. and China are going well

Courtesy: Kedia Commodities

Source: Commodityonline.com

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