Zinc market under long liquidation; Support seen at 178.4
MCX Copper may trade in a range between 424.1-435.5
Natural Gas market under short covering; Resistance seen at 191.3
MCX Crude Oil may trade between 4662-4856 levels
Gold market under short covering; Support seen at 29808
Technically MCX Silver is getting support at 38379 and below same could see a test of 38198 levels and resistance is now likely to be seen at 38712, a move above could see prices testing 38864.
Silver prices traded in range as investors awaited U.S. economic growth data due later this week. The office of the US Trade Representatives is holding an official hearing on Tuesday and Wednesday on proposed tariffs on Chinese products worth $16 billion, before presenting policy suggestions to the US President.
The dollar came under pressure, prompting a bid in safe-havens ahead of a meeting on trade between President Donald Trump and European Commission President Jean-Claude Juncker. Threats from both sides ahead of the meeting has dented expectations that the talks could mend the rift between the United States and the European Union.
The Germany’s Ifo business climate index this month fell to 101.7 from June’s 101.8, but it did not register as big a drop to 101.5 as forecast. The economists maintained their 2018 gross domestic product (GDP) growth forecast for Germany at 1.8%. The US new home sales fell 5.3% to a seasonally adjusted annual rate of 631,000 units last month, the lowest since October 2017.
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May’s sales pace was revised down to 666,000 units from the previously reported 689,000. New home sales in the south, which accounts for the bulk of transactions, declined 7.7% in June. Sales fell 5.2% in the west and tumbled 13.4% in the mid-west.
While the drops were largely driven by supply constraints, there are concerns that persistent weakness could eventually spread to the broader economy. Key things to watch today will be the European central bank’s rate decision for July, the US durable goods orders and wholesale inventories last month, as well as its weekly jobless claims.
Trading Ideas:
–Silver trading range for the day is 38198-38864.
–Silver prices traded in range as investors awaited U.S. economic growth data due later this week.
–U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work towards eliminating trade barriers.
–Euro zone business growth slowed more than expected this month as fears over a trade war with the US and a weaker global expansion put another dent in optimism.
Courtesy: Kedia Commodities
Source: Commodityonline.com
