Natural Gas market under fresh selling; Support seen at 199.2
MCX Crude Oil may trade in a range between 4884-5014
Gold market under fresh buying; Support seen at 30211
MCX Crude Palm Oil under long liquidation
Ref. Soya Oil market under fresh Selling; Resistance seen at 752
Technically Silver market is under short covering as market has witnessed drop in open interest by 3.11% to settled at 27508 while prices up 181 rupees.
MCX Silver is getting support at 36893 and below same could see a test of 36750 levels and resistance is now likely to be seen at 37162, a move above could see prices testing 37288.
Silver on MCX settled up 0.49% at 37035 as the dollar took a pause from its climb this week and investors prepared for a slew of events at the end of the week.
The dollar appeared to take a breather as market participants waited to see if U.S. President Donald Trump would slap tariffs on an additional $200 billion worth of imports from China as soon as Thursday, which would ratchet up the trade row with Beijing.
Trade concerns continue to support the greenback, however, with a deadline looming in the U.S.-China trade dispute and a refusal by Canada to back down on key demands in its trade talks with Washington.
Data overnight showed that business activity in China slowed in August, indicating that the trade dispute with the U.S. is hitting demand. Trade talks between the U.S. and Canada resumed on Wednesday, with Trump threatening to leave Canada out of a new deal already negotiated with Mexico.
In U.S. economic data, the U.S. trade deficit increased to a five-month high in July, registering its largest increase in three years, as exports of soybeans and civilian aircraft declined and imports hit a record high.
Markets were shifting gears to the American labor market with the ADP monthly report on job creation and weekly initial jobless claims on Thursday to be followed by the official August monthly employment report at the end of the week.
Fed fund futures currently put the probability of an additional increase in December at nearly 76%, according to Fed Rate Monitor Tool.
Trading Ideas:
–Silver trading range for the day is 36750-37288.
–Silver prices edged up, supported by technical buying amid worries over inflation in emerging markets, but gains were curbed as the dollar rose broadly.
–Britain and Germany were prepared to drop a key sticking point in Brexit negotiations boosted the pound and the euro.
–Fresh U.S. tariffs on another $200 billion worth of Chinese goods could take effect after a public comment period ends on Thursday.
Courtesy: Kedia Commodities
Source: Commodityonline.com
