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Saturday, October 16, 2021

MCX Silver may trade in a range between 39401-40781

MCX Zinc likely to trade in a range between 194.4-201.4

MCX Copper expected to trade between 459.1-472.3 levels

MCX Natural Gas may trade in a range between 196.1-204.3

Crude Oil market under long liquidation; Support seen at 4020

Gold market under long liquidation; Support seen at 32837

Technically now Silver is getting support at 39642 and below same could see a test of 39401 levels and resistance is now likely to be seen at 40332, a move above could see prices testing 40781.

Silver on MCX settled down 1.29% at 39882 after data from the Commerce Department showed U.S. economic growth to have slowed less than expected in the fourth quarter.

Prices also dropped after U.S. trade representative Robert Lighthizer said issues with China were “too serious” to be resolved by promises of more purchases of U.S. goods by Beijing, raising uncertainty over the prospect of a potential trade deal. Lighthizer, U.S. President Donald Trump’s top trade negotiator, said in his testimony at a Congressional hearing that any deal with China must include a way to ensure commitments are met and it was too early to predict the outcome of ongoing trade talks.

His comments came after Trump delayed more tariffs on Chinese goods earlier this week, citing “substantial progress” in the latest round of trade talks that were led by Lighthizer and China Vice Premier Liu He. Federal Reserve Chairman Jerome Powell’s assurances that the Fed was in no hurry to raise U.S. interest rates this year after the four hikes in 2018.

 Fed Chair Jerome Powell finished his second day of in front of the House Financial Services Committee. In a prepared statement, Powell told lawmakers Tuesday that while the US economy looks “healthy” and the outlook is “favorable,” there are some worrying signs on the horizon. The US trade deficit in goods jumped in December amid a surge in imports, a move that could cause fourth-quarter economic growth estimates to be lowered, according an advanced look from the Census Bureau.

Trading Ideas:
–Silver trading range for the day is 39401-40781.
–Silver dropped after data from the Commerce Department showed U.S. economic growth to have slowed less than expected in the fourth quarter.
–Fed Chairman Jerome Powell’s assurances that the Fed was in no hurry to raise U.S. interest rates this year after the four hikes in 2018.
–The US trade deficit in goods jumped in December amid a surge in imports, a move that could cause fourth-quarter economic growth estimates to be lowered.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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