MCX Zinc under long liquidation; Support seen at 185
MCX Nickel likely to move in a range of 952.9-999.5
Natural Gas may trade between 193.2-200.6 levels
MCX Mentha Oil under fresh buying; Resistance seen at 1363.6
MCX Aluminium under fresh buying; Support seen at 143
Technically Gold market is under short covering as market has witnessed drop in open interest by 1.74% to settle at 6442.
Now MCX Gold is getting support at 30558 and below same could see a test of 30465 levels and resistance is now likely to be seen at 30731, a move above could see prices testing 30811.
Gold traded in the range as the U.S. dollar weakened and investors awaited the minutes of the most recent U.S. Federal Reserve policy meeting for clues on the pace of further interest rate hikes this year.
The dollar index fell to its lowest level in more than a week while the euro climbed half a percent to near three-week highs following strong German data. The minutes of the U.S. Federal Reserve June policy meeting were in line with market expectations for further interest rate increases this year.
U.S. central bankers discussed whether recession lurked around the corner and expressed concerns global trade tensions could hit an economy that by most measures looked strong, minutes of the Federal Reserve’s last policy meeting on June 12-13 showed.
The minutes, which described a meeting in which the Fed raised interest rates for the second time this year, also suggested policymakers might soon signal the central bank’s rate-hiking cycle was advanced enough that policy was no longer boosting or constraining the economy.
President Donald Trump said on Thursday the United States may ultimately impose tariffs on more than a half-trillion dollars’ worth of Chinese goods as the world’s two largest economies hurtled toward the start of a trade war.
Market participants were also keeping a close eye on festering trade conflict between the United States and China, ahead of a U.S. deadline to impose tariffs on Chinese imports on Friday. U.S. jobs data later in the day was in focus as well.
Trading Ideas:
–Gold trading range for the day is 30465-30811.
–Gold prices steadied as the dollar inched down and after minutes of the U.S. Federal Reserve June policy meeting were in line with market expectations.
–U.S. central bankers discussed whether recession lurked around the corner and expressed concerns global trade tensions could hit an economy.
–Last month, U.S. Fed Chairman Powell said the central bank should continue with a gradual pace of interest rate rises amid a strong economy.
Courtesy: Kedia Commodities
Source: Commodityonline.com
