Crude Oil market under long liquidation; Support seen at 4734
MCX Gold likely to trade between 29490-29788 levels
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NCDEX Ref.Soya Oil under fresh buying; Resistance seen at 738
Technically Silver market is under fresh selling as market has witnessed gain in open interest by 0.17% to settled at 26732 while prices down -13 rupees.
Now NCX Silver is getting support at 37765 and below same could see a test of 37648 levels and resistance is now likely to be seen at 38089, a move above could see prices testing 38296.
Silver settled flat as a weaker dollar boosted demand for the precious metal. Expectations that the Federal Reserve will push forward with rate hikes, with markets pricing in moves in both September and December, have supported the dollar.
The US imposed new sanctions on Iran targeting its access to dollars, precious metals, and gold, with President Donald Trump describing them as “the most biting ever imposed”. US job openings held near record highs in June amid a modest decline in hiring, pointing to further tightening labour market conditions, which economists hope will soon spur faster wage growth.
Last Friday saw the release of the US payrolls report, which showed the unemployment rate fell to 3.9% as expected from 4.0% in June, while average hourly earnings rose 0.3% as expected, up from 0.1% in June. The economy added 157 thousand jobs last month, down from 248 thousand in June, and missing estimates of 191K.
Data from Germany’s Ministry for Economic Affairs and Energy showed the country’s industrial output dropped 0.9% month on month in June, missing a forecast for a fall of 0.5%. China’s foreign exchange reserves rose $5.8 billion, or 0.19%, from a month earlier to $3.118 trillion at the end of July, the central bank said.
The increase followed a month-on-month rise of about $1.5 billion in June, according to the People’s Bank of China (PBOC).
Trading Ideas:
–Silver trading range for the day is 37648-38296.
–Silver prices settled flat as a weaker dollar boosted demand for the precious metal.
–Expectations that the Federal Reserve will push forward with rate hikes, with markets pricing in moves in both September and December, have supported the dollar.
–U.S. job openings held near record highs in June amid a modest decline in hiring, pointing to a further tightening of labour market conditions.
Courtesy: Kedia Commodities
Source: Commodityonline.com
