MCX Nickel may trade between 906.9-957.3 levels
MCX Zinc expected to trade between 174.7-186.5 levels
MCX Copper likely to trade in a range between 415.7-440.1
Natural Gas market under short covering; Support seen at 187.2
Crude Oil market under fresh buying; Support seen at 4682
Technically Silver market is under short covering as market has witnessed drop in open interest by 5.05% to settled at 21680 while prices up 167 rupees.
Now MCX Silver is getting support at 38169 and below same could see a test of 37889 levels and resistance is now likely to be seen at 38710, a move above could see prices testing 38971.
Silver on MCX settled up 0.44% at 38450 as the U.S. dollar slipped and market watchers anticipated U.S. economic growth data on Friday. Treasury Secretary Steve?Mnuchin?tried to ease fears of a currency war at the G-20 meeting,?confirming?the Fed’s independence,?and?saying that?the government would?not intrude.?
Trump insisted on Tuesday that the U.S. is “doing great” with the “best financial numbers on the planet”. Stronger-than-expected economic growth would support the Fed’s plans to continue with gradual rate hikes. The economic data agenda will get underway again on Thursday with weekly jobless claims and durable goods orders for June.
That ahead of the week’s main appointment on Friday with the U.S. GDP report for the second quarter. The data is expected to show that growth accelerated in the three months to June, boosted by an increase in consumer spending.
Markit’s US manufacturing PMI inched up from June’s 55.4 and the expected 55.1, to stand at 55.5 this month. The US house price index in May rose 0.2% from April, slower from the expected rise of 0.3%, according to the Federal Housing Finance Agency (FHFA).
The figure for May increased 6.4% from a year ago, flat from the year-on-year gain in April. Fed fund futures currently price in a quarter-point hike for September, with the probability for a second increase in December hovering around 70%, according to Fed Rate Monitor Tool.
Trading Ideas:
–Silver trading range for the day is 37889-38971.
–Silver prices gained as the U.S. dollar slipped and market watchers anticipated U.S. economic growth data on Friday.
–Treasury Secretary Steve?Mnuchin?tried to ease fears of a currency war at the G-20 meeting,?confirming?the Fed’s independence.
–Traders continue to bet there is further room for the dollar to advance as strong GDP data due Friday could strengthen the Federal Reserve’s case to continue rate hikes.
Courtesy: Kedia Commodities
Source: Commodityonline.com
