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
Gold market under fresh selling; Support seen at 29550
NCDEX Turmeric under fresh selling; resistance seen at 7312
Technically MCX Silver is getting support at 37800 and below same could see a test of 37660 levels and resistance is now likely to be seen at 38135, a move above could see prices testing 38330.
Silver on MCX settled down 0.04% at 37941 amid an upbeat assessment of the U.S. economy by the Federal Reserve and new trade tensions between Washington and Beijing boosted the dollar.
Prices were as also knocked by a sharp rise in the dollar ahead of the U.S. jobs report, which could strengthen the Fed’s case to keep hiking rates. Adding to the pressure on bullion are expectations that the Federal Reserve will raise interest rates again in September.
China vowed to retaliate if the United States acted on a threat to raise tariffs on the Asian nation’s exports, fueling fears in financial markets that the trade war between the world’s two biggest economies would escalate.
The number of Americans filing for unemployment benefits rose less than expected last week, suggesting sustained strength in the labour market. US initial claims for state unemployment benefits increased 1,000 to a seasonally adjusted 218,000 for the week ended July 28, the Labor Department said.
The claims report also showed the number of people receiving benefits after an initial week of aid fell 23,000 to 1.72 million in the week ended July 21. New orders for US-made goods rose for a second straight month in June, but business spending plans on equipment less robust than expected, suggesting a potential further slowdown was likely in the third quarter.
Key factors to watch today will be China Caixin services purchasing managers’ index (PMI), eurozone retail sales growth in June, US trade balance in June, nonfarm payrolls report and ISM services PMI in July.
Trading Ideas:
–Silver trading range for the day is 37660-38330.
–Silver dropped amid an upbeat assessment of the U.S. economy by the Federal Reserve and new trade tensions between Washington and Beijing boosted the dollar.
–Prices were as also knocked by a sharp rise in the dollar ahead of the U.S. jobs report, which could strengthen the Fed’s case to keep hiking rates.
–Adding to the pressure on bullion are expectations that the Federal Reserve will raise interest rates again in September.
Courtesy: Kedia Commodities
Source: Commodityonline.com
