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 Silver market is under fresh selling as market has witnessed gain in open interest by 0.14% to settled at 16765.
Now MCX Silver is getting support at 39707 and below same could see a test of 39533 levels and resistance is now likely to be seen at 40024, a move above could see prices testing 40167.
Silver prices settled flat paring its gains ahead of looming U.S.-China tariffs set to take effect Friday. 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 released on Thursday 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.
U.S. services sector activity picked up in June amid strong growth in new orders, but trade tariffs and a shortage of workers were starting to strain the supply chain, which could slow momentum in the coming months.
The US initial claims for unemployment benefits increased 3,000 to a seasonally adjusted 231,000 for the week ended June 30, higher from the expected 225,000.
The number of people receiving benefits after an initial week of aid also rose higher from expectation to stand at 1.74 million on the week, compared with the previous 1.71 million. Key factors to watch today include the US non-farm employment data in June and its trade balance in May.
Trading Ideas:
–Silver trading range for the day is 39533-40167.
–Silver prices ended with losses paring its gains ahead of looming U.S.-China tariffs set to take effect Friday.
–The U.S. Federal Reserve June policy meeting were in line with market expectations for further interest rate increases this year.
–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.
Courtesy: Kedia Commodities
Source: Commodityonline.com
