MCX Aluminium under long liquidation; Resistance seen at 143.3
MCX Mentha Oil likely to trade in a range of 1451.8-1554.8
Natural Gas market under short covering; Support seen at 192.8
Crude Oil expected to trade in a range between 4748-5160
Silver market under fresh selling; Support seen at 39085
Technically now Gold is getting support at 30229 and below same could see a test of 30148 levels and resistance is now likely to be seen at 30453, a move above could see prices testing 30596.
Gold on MCX settled down -0.71% at 30310 after the United States threatened to impose additional tariffs on Chinese goods, escalating trade tensions between the world’s two largest economies.
The Trump administration raised the stakes in its trade dispute with China, threatening 10 percent tariffs on a list of $200 billion worth of Chinese imports. China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods in a move that rattled global markets.
A struggle by employers to fill jobs shows the U.S. economy is strong, and the rise in housing and stock prices is not a sign of a risky build-up in leverage in the financial system, the head of the New York Federal Reserve Bank said.
European Central Bank policymakers are split over when the ECB might raise interest rates next year, with some saying an increase is possible as early as July 2019 and others ruling out a move until autumn.
US data showed producer prices rose 0.3% in June, slowing down from 0.5% in May and beating estimates of 0.2%, while core prices rose 0.3%, same as before and also beating forecasts of 0.2%.
Russia produced 92.56 tonnes of gold in the first five months of 2018, up from 90.39 tonnes in the same period in 2017, the finance ministry said. The US consumer price index (CPI) in June and its weekly initial claims for unemployment benefits are the key factors to watch today.
Trading Ideas:
–Gold trading range for the day is 30148-30596.
–Gold fell after the United States threatened to impose additional tariffs on Chinese goods, escalating trade tensions between the world’s two largest economies.
–The Trump administration raised the stakes in its trade dispute with China, threatening 10 percent tariffs on a list of $200 billion worth of Chinese imports.
–European Central Bank policymakers are split over when the ECB might raise interest rates next year, with some saying an increase is possible as early as July 2019.
Courtesy: Kedia Commodities
Source: Commodityonline.com
