MCX Silver likely to move in a range of 37763-38841
MCX Crude Oil may trade between 3852-4020 levels
MCX Natural Gas under fresh Selling; Support seen at 196.9
MCX Copper likely to move in a range of 450.8-462.6
MCX Zinc may move in a range of 194.9-199.5
Technically Gold market is under long liquidation as market has witnessed drop in open interest by 6.44% to settled at 11098.
Now MCX Gold is getting support at 31780 and below same could see a test of 31612 level, And resistance is now likely to be seen at 32207, a move above could see prices testing 32466.
Gold on MCX settled down 0.42% at 31948 as a firm dollar and improved appetite for riskier assets dented the appeal of bullion, while investors awaited further clarity on the U.S.-China trade dispute. The data eased concerns over a slowdown in the world’s biggest economy.
China lowered its GDP growth target for 2019 to 6% to 6.5% amid its unresolved trade spat with the U.S., which underpinned the U.S. dollar. Investors awaited fresh directional cues from U.S.-China trade negotiations and a weaker stocks capped broader gains, while robust U.S. economic data supported the dollar.
Markets were a bit cautious on the Sino-U.S. trade and are awaiting further indications of developments in talks between the two major economies after a tit-for-tat tariff war. U.S. Secretary of State Mike Pompeo said President Donald Trump will reject any trade deal that is not perfect but that they will still keep working on an agreement rekindling concerns in the market.
While a series of robust data from the United States has strengthened the dollar, the U.S. Federal Reserve’s patience on policy is nowhere close to running out. Eric Rosengren, president of the Federal Reserve Bank of Boston signalled he could wait until at least June before touching interest rates again.
Markets will now look ahead to the European Central Bank’s monetary policy meeting on Thursday and U.S. non-farm payrolls data on Friday. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 2.7 percent so far this year.
–Gold trading range for the day is 31612-32466.
–Gold dropped as a firm dollar and improved appetite for riskier assets dented the appeal of bullion.
–China lowered its GDP growth target for 2019 to 6% to 6.5% amid its unresolved trade spat with the U.S., which underpinned the U.S. dollar.
–Investors awaited fresh directional cues from U.S.-China trade negotiations and a weaker stocks capped broader gains, while robust U.S. economic data supported the dollar.
Courtesy: Kedia Commodities