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Friday, January 21, 2022

MCX Silver under long liquidation

MCX Gold likely to move in a range of 32651-33175

MCX Crude Oil under short covering; Support seen at 3732

MCX Natural Gas likely to move in a range of 183.7-194.1

MCX Copper under long liquidation; Support seen at 429

MCX Zinc under fresh selling; Support seen at 182.8

Technically Silver market is under long liquidation as market has witnessed drop in open interest by 0.89% to settled at 13658.

Now MCX Silver is getting support at 39302 and below same could see a test of 39102 level, And resistance is now likely to be seen at 39826, a move above could see prices testing 40150.

Silver on MCX settled down 0.8% at 39503 as investors turned to riskier assets on optimism over the outcome of US-China trade talks. Investor sentiment slightly improved after White House adviser Kellyanne Conway told that U.S.

President Donald Trump wants to meet with his Chinese counterpart Xi Jinping “very soon.” President Donald Trump also told his supporters that his administration is working on “great deals on trade” and that he does not want China to have a hard time.

Despite the positive comments from the U.S. side, hopes for a quick resolution don’t look too promising, with U.S. negotiators pressing China on longstanding demands, including reparations for alleged theft of U.S. intellectual property.

The lack of a planned meeting before the deadline between the two presidents has also dampened hopes for a successful trade deal. Trump said last week he did not plan to meet his counterpart Xi Jinping before a March 1 deadline to achieve a trade agreement.

China needs that deal by March 1 or risk having tariffs on $200 billion of imports raised to 25% from 10%.Looking ahead, investors are now focussed on the new round of trade talks between China and the United States that started in Beijing.

In other news, markets are also closely monitoring talks between the top four Democratic and Republican congressional negotiators on border security funding. Another partial U.S. government shutdown might happen if they fail to reach a deal by a Friday deadline, according to various media.

Trading Ideas:
–Silver trading range for the day is 39102-40150.
–Silver dropped as investors turned to riskier assets on optimism over the outcome of US-China trade talks.
–White House adviser Kellyanne Conway told that U.S. President Donald Trump wants to meet with his Chinese counterpart Xi Jinping “very soon.”
–President Donald Trump also told his supporters that his administration is working on “great deals on trade” and that he does not want China to have a hard time.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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