18.7 C
New York
Thursday, October 21, 2021

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

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 Gold likely to trade in a range between 33007-33757

Technically now Silver is getting support at 39577 and below same could see a test of 39394 levels and resistance is now likely to be seen at 40091, a move above could see prices testing 40422.

Silver on MCX settled down 0.73% at 39760 as the US dollar rebounded as investors digested testimonies from the lead US trade negotiator with China and the top ranking Federal Reserve official.

Powell said in the first of a two-day Congressional address at the Senate Committee on Banking that the U.S. economic outlook was “generally favorable” but still faced challenges from abroad.

“While we view current economic conditions as healthy and the economic outlook as favourable, over the past few months we have seen some crosscurrents and conflicting signals,” Powell said, adding that the central bank is monitoring how Brexit negotiations and Sino-U.S. trade talks play out.

“We will carefully monitor these issues as they evolve.” In its January meeting, the U.S. central bank halted its plans for further rate hikes, adding that it would be “patient” on raising rates amid muted inflation and rising risks to global economic growth.

U.S. President Donald Trump said this week that a trade deal “could happen fairly soon” if U.S. and China could bride remaining differences, although it is possible that “it might not happen at all.”

Investor sentiment began to improve since the beginning of the week when Trump announced the postponement of a closely watched March 1 deadline to increase tariffs on Chinese imports, raising hopes that the two sides could soon reach an agreement.

The news boosted Chinese equities while other Asian indices also rose. The impact on gold prices seemed to be somewhat limited so far, as gold futures remained largely unchanged this week.

Trading Ideas:
–Silver trading range for the day is 39394-40422.
–Silver dropped as the US dollar rebounded as investors digested testimonies from the lead US trade negotiator with China and the top ranking Federal Reserve official.
–Powell said in the first of a two-day Congressional address at the Senate Committee on Banking that the U.S. economic outlook was “generally favorable”
–U.S. President Trump said that a trade deal “could happen fairly soon” if U.S. and China could bride remaining differences, although it is possible that “it might not happen at all.”

Courtesy: Kedia Commodities

Source: Commodityonline.com

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