MCX Copper likely to trade between 414-429.6 levels
MCX Natural Gas may trade in a range between 198.3-203.5
MCX Crude Oil may trade in a range between 4753-4895
Gold market under short covering; Support seen at 29946
MCX Cotton under short covering
Technically Silver market is under long liquidation as market has witnessed drop in open interest by 9.84% to settled at 17301 while prices down 30 rupees.
Now MCX Silver is getting support at 36965 and below same could see a test of 36811 levels and resistance is now likely to be seen at 37399, a move above could see prices testing 37679.
Silver prices dropped paring all of its gains despite a weaker dollar, as trade tensions between the U.S. and China lingered. China’s central bank raised its daily guidance rate for the yuan by the most in nearly 15 months on Tuesday, sparking a demand for dollars.
In recent months, investors have sought safety from global trade conflict in U.S. Treasuries, which entails buying dollars. US wholesale inventories gained 0.7% in July and stocks at retailers increased 0.4%, suggesting inventories could bolster gross domestic product this quarter.
The US’ CB consumer confidence surged to near an 18-year high in August, at 133.4, up 5.5 from July. The Present Situation index rose to 172.2 in August, from July’s 165.9. In terms of the short-term outlook, the Expectations index rebounded to 107.6, compared with previous 101.7.
The Present Situation index is a sub-index that measures overall consumer sentiment of the current economic situation. It is used to derive the Consumer Confidence index. Consumer confidence increased to its highest level since October 2000 (Index, 135.8), following a modest improvement in July,” said Lynn Franco, director of economic indicators at the CB.
Consumer confidence increased to its highest level since October 2000 (Index, 135.8), following a modest improvement in July,” said Lynn Franco, director of economic indicators at the CB.
Trading Ideas:
–Silver trading range for the day is 36811-37679.
–Silver prices dropped paring all of its gains despite a weaker dollar, as trade tensions between the U.S. and China lingered.
–China’s central bank raised its daily guidance rate for the yuan by the most in nearly 15 months on Tuesday, sparking a demand for dollars.
–The dollar’s run slowed after President Trump criticized the U.S. Fed for raising interest rates at a time when the government was trying to stimulate the economy.
Courtesy: Kedia Commodities
Source: Commodityonline.com
