MCX Copper may trade between 418.1-437.1 levels
Natural Gas market under fresh selling; Support seen at 190.9
MCX Crude Oil may trade in a range between 4636-4864
Silver market under fresh selling; Support seen at 38069
MCX Cotton under fresh buying; Support seen at 23954
Technically Gold market is under fresh selling as market has witnessed gain in open interest by 27.62% to settle at 7075.
Now MCX Gold is getting support at 29747 and below same could see a test of 29617 levels and resistance is now likely to be seen at 29973, a move above could see prices testing 30069.
Gold on MCX settled down 0.15% at 29878 as a stronger dollar and rising U.S. interest rates continue to weigh, pushing speculators to hold record short or sell positions.
The U.S. Federal Reserve set to reaffirm the outlook for further gradual rate rises at the end of its two-day rate review through Wednesday. The U.S. central bank has raised benchmark lending rates twice this year and signalled two more increases by year’s end.
U.S. consumer spending increased solidly in June as households spent more at restaurants and on accommodation, building a strong base for the economy heading into the third quarter, while inflation rose moderately.
China will keep its economic growth within a reasonable range and achieve this year’s target despite challenges, the state-run Xinhua news agency said as a trade war with the United States intensifies.
The Bank of England should raise interest rates this week but also tell the public it will be ready to make a U-turn if Brexit talks sour or trade tensions with the United States escalate, the National Institute of Economic and Social Research said.
Hedge funds and money managers net short positions in COMEX gold stood at 27,156 contracts in the week to July 24, U.S. Commodity Futures Trading Commission data showed on Friday, the biggest on records dating back to 2006. The U.S. Mint sold 35,000 ounces of American Eagle gold coins in July, up 42.9 percent from the previous month, according to the latest data.
Trading Ideas:
–Gold trading range for the day is 29617-30069.
–Gold dropped as a stronger dollar and rising U.S. interest rates continue to weigh, pushing speculators to hold record short or sell positions.
–The U.S. Federal Reserve begins its two-day monetary policy meeting; the central bank is largely expected to stand pat on monetary policy.
–The U.S. central bank has raised benchmark lending rates twice this year and markets expected two more hikes by the end of 2018.
Courtesy: Kedia Commodities
Source: Commodityonline.com
