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Sunday, October 24, 2021

MCX Silver may trade in a range between 39851-40713

MCX Natural Gas may trade in a range between 185.8-195.2

Crude Oil market under long liquidation; Support seen at 4032

MCX Zinc under long liquidation; Support seen at 190.5

MCX Copper likely to move in a range of 451.8-459.2

Gold market under long liquidation; Support seen at 33311

Technically MCX Silver is getting support at 40008 and below same could see a test of 39851 levels and resistance is now likely to be seen at 40439, a move above could see prices testing 40713.

Silver on MCX settled down -1.78% at 40164 after the Federal Reserve signalling it was preparing to stop trimming its balance sheet later this year.

“Almost all participants thought that it would be desirable to announce before too long a plan to stop reducing the Federal Reserve’s asset holdings later this year,” the minutes showed.

The Fed has been allowing as much as $50 billion a month of maturing securities to roll off its balance sheet, which peaked at roughly $4.5 trillion in Jan. 2015, but has now narrowed to about $4 trillion. In a sign that rates will remain lower for longer the minutes noted that participants viewed “the current target range for the federal funds rate for a time posed few risks at this point.”

The U.S. would try to secure a pledge from China that it will not attempt to depreciate the yuan as part of a trade deal. U.S. President Donald Trump said that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a “magical” date.

Tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25 percent from 10 percent by March 1 if the world’s two largest economies do not settle their trade dispute, but Trump has suggested several times that he would be open to postponing the deadline. Trump said the real question would be whether the United States would raise the tariffs as planned.

Trading Ideas:
–Silver trading range for the day is 39851-40713.
–Silver prices turned negative after the Federal Reserve signalling it was preparing to stop trimming its balance sheet later this year.
–Almost all participants thought that it would be desirable to announce before too long a plan to stop reducing the Fed’s asset holdings later this year, minutes showed.
–The Fed has been allowing as much as $50 billion a month of maturing securities to roll off its balance sheet, which peaked at roughly $4.5 trillion in Jan. 2015.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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