MCX Cardamom under fresh buying; Resistance seen at 1378.6
MCX Cotton under fresh selling; Support seen at 22600
Crude Oil market under long liquidation; Support seen at 4962
Gold market under long liquidation; Support seen at 30110
Long liquidation seen in NCDEX Turmeric
Technically Silver market is under fresh selling as market has witnessed gain in open interest by 14.4% to settled at 28391.
MCX Silver is getting support at 36455 and below same could see a test of 36055 levels and resistance is now likely to be seen at 37441, a move above could see prices testing 38027.
Silver on MCX settled down 2.05% at 36854 as the dollar hit a more-than-one-week high on the back of intensifying global trade tensions and economic worries in emerging markets.
U.S. Treasury yields rose to three week highs on Tuesday after data showed that U.S. manufacturing activity accelerated to a more than 14-year high in August, and on heavy corporate debt supply.
U.S. manufacturing activity accelerated to more than a 14-year high, boosted by a surge in new orders, but increasing bottlenecks in the supply chain because of a robust economy and import tariffs could restrain further growth.
Demand for the dollar was bolstered by the risk-off mood in markets amid fears over the impact on global growth from the Trump administration’s protectionist trade policies and strains in emerging markets.
U.S. President Donald Trump said last week he was ready to implement tariffs on an additional $200 billion worth of imports from China as soon as Thursday, which would ratchet up the trade row with Beijing.
Meanwhile, trade talks with Canada remained at an impasse after stalling on Friday, with Trump threatening to leave Canada out of a new deal already negotiated with Mexico. In emerging markets, Turkey remained under watch amid lingering concerns over the country’s economic and currency crisis, while Argentina’s government scrambled to deal with its own fresh economic crisis. U.S. data released on Tuesday showed that manufacturing activity stateside hit its fastest pace in 14 years as new orders continued to show strength.
Trading Ideas:
–Silver trading range for the day is 36055-38027.
–Silver prices edged down as the dollar hit a more-than-one-week high on the back of intensifying global trade tensions and economic worries in emerging markets.
–U.S. manufacturing activity accelerated to more than a 14-year high, boosted by a surge in new orders.
–Meanwhile, worries over an escalation in trade conflicts between the United States and other countries have kept participants in broader markets on the edge.
Courtesy: Kedia Commodities
Source: Commodityonline.com
