MCX Natural Gas may trade in a range between 186.8-192.4
Crude Oil market under long liquidation; Support seen at 4562
MCX Gold under long liquidation; Support seen at 30019
Long liquidation seen in MCX Cotton
MCX Cardamom under fresh buying; Resistance seen at 1095.3
Technically MCX Silver is getting support at 38892 and below same could see a test of 38742 levels and resistance is now likely to be seen at 39215, a move above could see prices testing 39388.
Silver traded in range amid expectations that higher U.S. interest rates would continue to support an uptick in the dollar, weighing on demand. The Fed’s Powell takes his upbeat view of the U.S. economy to Capitol Hill, with markets and many of his colleagues expecting two more interest rate increases this year amid a continued economic expansion.
But the narrowing gap between yields on long-term and short-term Treasury bonds to little more than the equivalent of one rate hike from the Fed has helped sour at least one U.S. central banker on any further interest rates increases.
The United States in certain cases will consider waivers for countries that need more time to wind down imports of oil from Iran as it seeks to avoid disrupting global oil markets while reimposing sanctions against Tehran, U.S. Treasury Secretary Steven Mnuchin said.
Escalating and sustained trade conflicts following U.S. tariff actions threaten to derail economic recovery and depress medium-term growth prospects, the International Monetary Fund warned. Its retail sales of consumer goods grew 9% year on year in June, accelerating from the 8.5% rise seen in May.
In the first half of the year, the retail sales expanded 9.4% year on year to reach 18 trillion yuan, compared with a 9.5% growth the same period last year. The US retail sales in June rose 0.5% from May as households boosted purchases of automobiles and a range of other goods, cementing expectations for robust economic growth in the second quarter.
The key development today is the release of US industrial production data for June.
Trading Ideas:
–Silver trading range for the day is 38742-39388.
–Silver traded in range amid expectations that higher U.S. interest rates would continue to support an uptick in the dollar, weighing on demand.
–The precious metal was?under pressure in recent weeks by investors’ favour of the dollar over gold surrounding the impact of a U.S.-China trade war.
–Continued?trade war concerns?and a?strong U.S. inflation?report?were cited as tailwind?for the dollar last week.
Courtesy: Kedia Commodities
Source: Commodityonline.com
