MCX Zinc may trade in a range between 172.2-181.8
MCX Copper may trade in a range between 418.5-433.3
Natural Gas market under fresh buying; Support seen at 205.4
MCX Crude Oil may trade in a range between 4907-5035
Gold market under fresh selling; Support seen at 30039
Technically Silver market is under fresh selling as market has witnessed gain in open interest by 36.22% to settled at 24317 while prices down 207 rupees.
Now MCX Silver is getting support at 37282 and below same could see a test of 37081 levels and resistance is now likely to be seen at 37857, a move above could see prices testing 38231.
Silver on MCX settled down -0.55% at 37482 following a strong uptick in the dollar as investors looked ahead to another rate hike from the Federal Reserve in a little over three weeks.
The wider metals traded mostly lower, struggling to hold off a wave of selling pressure as weakness from dollar strength was exacerbated by fears of an escalating U.S.-China trade war amid a report President Donald Trump was looking to move ahead with tariffs on China.
Trump plans to move ahead with tariffs on $200 billion in Chinese imports as soon as a public-comment period concludes next week, citing six people familiar with the matter. Investors fear that further friction with the U.S. could throw China’s economy into a faster decline, hurting Beijing’s demand for commodities.
A Chinese state planning official stoked fears of slowdown in China earlier in the week, warning there were increasing risks to growth in the second half of the year. The Federal Reserve is poised to raise rates at its meeting in September, according to Fed Rate Monitor Tool.
Hedge funds and money managers raised their net short positions in silver futures and options, the U.S. Commodity Futures Trading Commission (CFTC) data showed. Hedge funds and money managers raised their net short position in silver by 9,156 contracts to 34,529 contracts, the largest since early April, CFTC data showed.
Trading Ideas:
–Silver trading range for the day is 37081-38231.
–Silver prices dropped following a strong uptick in the dollar as investors looked ahead to another rate hike from the Federal Reserve in a little over three weeks.
–Investors fear that further friction with the U.S. could throw China’s economy into a faster decline, hurting Beijing’s demand.
–The Federal Reserve is poised to raise rates at its meeting in September, according to Fed Rate Monitor Tool.
Courtesy: Kedia Commodities
Source: Commodityonline.com
