MCX Natural Gas may trade in a range between 186.8-192.4
Crude Oil market under long liquidation; Support seen at 4562
MCX Silver may trade between 38742-39388 levels
Long liquidation seen in MCX Cotton
MCX Cardamom under fresh buying; Resistance seen at 1095.3
Technically Gold market is under long liquidation as market has witnessed drop in open interest by 0.87% to settled at 6813 while prices down 25 rupees.
Now MCX Gold is getting support at 30019 and below same could see a test of 29957 level, And resistance is now likely to be seen at 30184, a move above could see prices testing 30287.
Gold on MCX settled down 0.08% at 30080 as weak physical demand in top-consuming regions and the expectation of higher U.S. interest rates weigh. Low physical demand in top gold-consuming countries China and India and the continued expectation of the U.S. Federal Reserve to raise interest rates pressured bullion.
U.S. retail sales rose solidly in June as households boosted purchases of automobiles and a range of other goods, cementing expectations for robust economic growth in the second quarter. The U.S. dollar fell as investors pared back long bets on the greenback and rebalanced their positions ahead of Fed Chairman Jerome Powell’s first congressional testimony on Tuesday.
He is expected to reiterate the Fed’s gradual monetary policy tightening. China’s economy expanded at a slower pace in the second quarter as Beijing’s efforts to contain debt hurt activity, while June factory output growth weakened to a two-year low.
India’s gold imports fell for a sixth month in June to 44 tonnes as a drop in the rupee lifted local prices to their highest in nearly 21 months, curtailing demand. Meanwhile, holdings for the largest gold-backed exchange-traded-fund (ETF), New York’s SPDR Gold Trust, have fallen more than 8 percent since late April to less than 26 million ounces, showing fading investor interest in bullion.SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.15 percent to 794.01 tonnes.
Trading Ideas:
–Gold trading range for the day is 29957-30287.
–Gold steadied as weak physical demand in top-consuming regions and the expectation of higher U.S. interest rates weigh
–The Federal Reserve pointed to “solid” U.S. economic growth during the first half of the year in its semi-annual report to Congress.
–Meanwhile, investors are looking to June U.S. retail sales data, due later in the day, to assess the state of global growth.
Courtesy: Kedia Commodities
Source: Commodityonline.com
