MCX Zinc may trade between 177.3-182.3 levels
MCX Nickel under short covering; Resistance seen at 946.8
MCX Aluminium likely to move in a range of 139.8-142.4
MCX Mentha Oil under fresh buying; Support seen at 1572.4
MCX Natural Gas may trade between 188.8-192.6 levels
Technically now Silver is getting support at 38154 and below same could see a test of 38033 levels and resistance is now likely to be seen at 38498, a move above could see prices testing 38721.
Silver on MCX settled down -0.74% at 38275 in response to an easing of trade tensions after the United States agreed to refrain from imposing tariffs on cars from the European Union. The two sides will also begin talks to cut other trade barriers, they announced following a meeting at the White House.
The ECB decided on its governing council meeting that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0%, 0.25% and -0.40% respectively. It also expects the key rates to stay at current levels to at least the summer of 2019.
The US initial claims for state unemployment benefits rose 9,000 to a seasonally adjusted 217,000 for the week ended July 21. Claims dropped to 208,000 during the week ended July 14, which was the lowest reading since December 1969.
The US durable goods orders increased 1% in June, the first increase in three months, compared with the expected growth of 3%. Orders for non-defence capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 0.6% last month. Business spending on equipment has risen since the fourth quarter of 2016.
It is expected to have combined with robust consumer spending and strong export growth to boost second-quarter GDP growth. Key things to watch today will be of profits of Chinese industrial companies above a designated size in June, the US GDP and personal consumption expenditures (PCE) price index in the second quarter, as well as the University of Michigan consumer confidence index in July.
Trading Ideas:
— Silver trading range for the day is 38033-38721.
–Silver edged lower in response to an easing of trade tensions after the United States agreed to refrain from imposing tariffs on cars from the European Union.
–The two sides will also begin talks to cut other trade barriers, they announced following a meeting at the White House.
–The ECB offered little in the way of surprises over its planned timing to move away from its accommodative monetary policy.
Courtesy: Kedia Commodities
Source: Commodityonline.com
