Home Commodity Market News MCX Gold likely to trade in a range between 33007-33757

MCX Gold likely to trade in a range between 33007-33757

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MCX Zinc likely to trade in a range between 194.7-199.9

MCX Copper expected to trade between 456-470.4 levels

Natural Gas under long liquidation; Support seen at 196.9

MCX Crude Oil likely to trade in a range between 3932-4176

MCX Silver expected to trade in a range between 39394-40422

Technically now Gold is getting support at 33147 and below same could see a test of 33007 levels and resistance is now likely to be seen at 33522, a move above could see prices testing 33757.

Gold on MCX settled down -0.24% at 33286 pressured by a mild revival in the dollar after comments from the U.S. Trade Representative dampened expectations of a quick resolution to the U.S.-China trade dispute.

Federal Reserve Chairman Jerome Powell repeated that the U.S. central bank would remain patient on monetary policy, suggesting it was unlikely to raise interest rates anytime soon.

Fed’s Powell stayed on script at a U.S. Senate Banking Committee, but it slipped in his question-and-answer session with U.S. senators. In prepared testimony released in advance of two days of hearings on Capitol Hill, Powell said the Fed would remain “patient” in deciding on further interest rate hikes, reaffirming the policy shift made by the central bank in January.

U.S. consumer confidence index for February to 131.4, from a revised 121.7 reading in January. That confidence report offset data showing U.S. housing starts falling to a more than two-year low in December.

Improving risk appetite lifted the British pound following media reports Prime Minister Theresa May was considering delaying the March 29 deadline for the UK’s exit from the European Union.

U.S. President Donald Trump and North Korean leader Kim Jong Un were due to meet for their second summit, betting that their personal relationship can break a stalemate over the North’s nuclear weapons and end more than 70 years of hostility.

The consumer sentiment index for Germany is seen holding at 10.8 in March, despite a retreat in consumers’ so-called “propensity to buy” and the “steep downward spiral” in economic expectations.

Trading Ideas:
–Gold trading range for the day is 33007-33757.
–Gold prices fell pressured by a mild revival in dollar after comments from the U.S. Trade Representative dampened expectations of a quick resolution to U.S.-China trade dispute.
–Fed’s Powell stayed on script at a U.S. Senate Banking Committee, but it slipped in his question-and-answer session with U.S. senators.
–Improving risk appetite lifted the British pound following media reports Prime Minister Theresa May was considering delaying the March 29 deadline for the UK’s exit.

Courtesy: Kedia Commodities

Source: Commodityonline.com