Natural Gas market under fresh selling; Support seen at 199.2
MCX Crude Oil may trade in a range between 4884-5014
Silver market under short covering; Support seen at 36893
MCX Crude Palm Oil under long liquidation
Ref. Soya Oil market under fresh Selling; Resistance seen at 752
Technically Gold market is under fresh buying as market has witnessed gain in open interest by 4.12% to settled at 8319 while prices up 137 rupees.
Now MCX Gold is getting support at 30211 and below same could see a test of 30106 levels and resistance is now likely to be seen at 30429, a move above could see prices testing 30542.
Gold on MCX settled up 0.45% at 30315 driven by the ongoing currency crisis in Argentina, which could lead to a recession, a weaker peso and higher inflation.
The greenback slipped after a report that Germany would be ready to accept a less detailed agreement on the UK’s future economic and trade ties with the EU in a bid to get a Brexit deal done. That boosted the pound and the euro.
Meanwhile, trade concerns continued to keep investors nervous, with a deadline looming in the U.S.-China trade dispute and a refusal by Canada to bow to key U.S. demands in its trade talks with Washington. The United States and Canada resumed talks about revamping the North American Free Trade Agreement (NAFTA).
Canada insisted there was room to salvage the pact despite few signs a deal was close. U.S. President Donald Trump said talks with Canada were coming along. Gold has fallen about 8 percent this year amid rising U.S. interest rates, trade disputes and the Turkish currency crisis, with investors parking their money in the dollar.
Emerging market currencies remained weak, on fears export-oriented economies would be caught in the crossfire of any escalating trade conflict. India’s gold imports more than doubled in August to hit their highest level in 15 months as lower prices prompted manufacturers to replenish inventory for a jewellery exhibition.
Fed fund futures currently put the probability of an additional increase in December at nearly 76%, according to Fed Rate Monitor Tool.
Trading Ideas:
–Gold trading range for the day is 30106-30542.
–Gold prices rose driven by the ongoing currency crisis in Argentina, which could lead to a recession, a weaker peso and higher inflation.
–The greenback slipped after a report that Germany would be ready to accept a less detailed agreement on the UK’s future economic and trade ties with the EU.
–With a number of emerging markets including Argentine, Turkey and Indonesia battling currency crises, the demand for gold, is likely to rise.
Source: Commodityonline.com
