Zinc market under fresh selling; Support seen at 184.7
MCX Copper may trade in a range between 426.2-454
Natural Gas market under fresh selling; Support seen at 194.1
Fresh Buying seen in MCX Crude Oil; Support seen at 5068
Short covering seen in MCX Cotton
Technically MCX Gold is getting support at 30546 and below same could see a test of 30479 levels and resistance is now likely to be seen at 30665, a move above could see prices testing 30717.
Gold on MCX settled up 0.4% at 30614 as the greenback fell and trade tensions lingered. Chinese tariffs on $34 billion of U.S. goods will take effect from midnight July 6 Beijing time, a person with knowledge of the plan told, amid worsening trade tensions between the world’s two largest economies.
China will “absolutely not” fire the first shot in a trade war with the United States and will not be the first to levy tariffs, its finance ministry said. Trade barriers being erected by major economies could jeopardise the global economic recovery and their effects are already starting to show, the World Trade Organization said on Wednesday in a report on trade restrictions among G20 nations.
The United States appears to have shelved an “all or nothing” approach to North Korean denuclearization as U.S. Secretary of State Mike Pompeo prepares to head back to North Korea this week hoping to agree a roadmap for its nuclear disarmament.
Investors now await the release of the Federal Open Market Committee’s minutes for the June 12-13 meeting, at which policymakers raised interest rates by 25 basis points for the second time this year to below 2.0% as expected.
Fed’s minutes give a clearer look into the insides of policymakers’ decisions and deliberations, including their forecasts for three-year inflation, employment, growth, and interest rates, and they are slated for release next Thursday.
Gold holdings at SPDR Gold Trust, the world’s largest gold-backed investment fund, fell 5.89 tonnes on Tuesday for the fifth straight session to a total of 803.42 tonnes, after gold prices fell 5.4% in the second quarter.
Trading Ideas:
–Gold trading range for the day is 30479-30717.
–Gold prices ended higher as the greenback fell and trade tensions lingered.
–Washington has said it would implement tariffs on $34 billion of Chinese imports on July 6, and Beijing has vowed to retaliate in kind on the same day.
–China will “absolutely not” fire the first shot in a trade war with the United States and will not be the first to levy tariffs, its finance ministry said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
