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
MCX Gold likely to trade between 30148-30596 levels
Technically Silver market is under fresh selling as market has witnessed gain in open interest by 12.21% to settled at 18763.
Now MCX Silver is getting support at 39085 and below same could see a test of 38879 levels and resistance is now likely to be seen at 39623, a move above could see prices testing 39955.
Silver on MCX settled down -1.26% at 39290 as the dollar firmed after the Trump administration threatened to impose additional tariffs on $200 billion worth of Chinese goods. The 10% tariffs will not take effect immediately but will undergo a two-month review process, according to a government statement.
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.
The US producers price index (PPI) in June gained 0.3% from May, and rose 3.4% from a year ago. The figure increased slightly more than expected amid gains in the cost of services and motor vehicles, leading to the biggest annual increase in six and a half years.
June’s core PPI, a key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.3% month on month, and went up 2.7% year on year. Inflation is gradually growing against the backdrop of a labour market close to or at full employment.
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, according to several sources.
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:
–Silver trading range for the day is 38879-39955.
–Silver prices fell as the dollar firmed after the Trump administration threatened to impose additional tariffs on $200 billion worth of Chinese goods.
–The 10% tariffs will not take effect immediately but will undergo a two-month review process, according to a government statement.
–The US producers price index (PPI) in June gained 0.3% from May, and rose 3.4% from a year ago.
Courtesy: Kedia Commodities
Source: Commodityonline.com
