Zinc market under short covering; Support seen at 175.3
MCX Copper may trade in a range between 409.6-422.2
MCX Crude Oil likely to trade in a range between 4528-4872
MCX Silver likely to trade in a range between 37660-38330
NCDEX Turmeric under fresh selling; resistance seen at 7312
Technically Gold market is under fresh selling as market has witnessed gain in open interest by 3.91% to settled at 7794 while prices down 65 rupees.
Now MCX Gold is getting support at 29550 and below same could see a test of 29487 levels and resistance is now likely to be seen at 29727, a move above could see prices testing 29841
Gold on MCX settled down -0.22% at 29613 after an upbeat assessment of the U.S. economy by the Federal Reserve and new trade tensions between Washington and Beijing boosted the dollar and U.S. bond yields.
Gold has slumped 11 percent since April to its lowest in a year as rising U.S. interest rates and the perception that trade wars will damage the United States less than other nations pushed the dollar higher.
The dollar stayed firm against the yuan and a basket of currencies as worries about an escalation in trade tensions between the United States and China supported the U.S. currency.
The number of Americans filing for unemployment benefits rose less than expected last week, pointing to sustained strength in the labour market despite trade tensions.
The Bank of England pushed interest rates above their financial crisis lows on Thursday, but signalled it was in no hurry to raise them further as Britain heads for Brexit next year with no clear plan for leaving the European Union.
Global demand for gold fell 6 percent in the first half of this year due mainly to a sharp decline in purchases by exchange traded funds (ETFs), the World Gold Council said in a report. Total global demand for gold was 1,959.9 tonnes over January-June, down from 2,086.5 tonnes in the same period last year and the lowest first-half total since 2009, the industry-funded WGC said in its latest Gold Demand Trends report..
Trading Ideas:
–Gold trading range for the day is 29487-29841.
–Gold prices slipped after the dollar steadied after the Federal Reserve concluded a two-days policy meeting and gave an upbeat assessment on the U.S. economy.
–The Fed left interest rates unchanged following a two-day policy meeting, the central bank then upgraded its view on the economy.
–The dollar stayed firm as worries about an escalation in trade tensions between the United States and China supported the U.S. currency.
Courtesy: Kedia Commodities
Source: Commodityonline.com
