Silver market under fresh selling; Support seen at 36852
NCDEX Mustard Seed under long liquidation; Support seen at 4227
MCX Crude Palm Oil under short covering; Support seen at 594.5
Ref. Soya Oil market under fresh Selling; Resistance seen at 735
NCDEX Soyabean under long liquidation
Technically Gold market is under fresh selling as market has witnessed gain in open interest by 3.47% to settled at 8168.
Now MCX Gold is getting support at 30325 and below same could see a test of 30214 levels and resistance is now likely to be seen at 30592, a move above could see prices testing 30748.
Gold prices seen under pressure tempered by expectations of a U.S. rate hike later this month. The dollar index slipped to a 1-1/2-month low after weaker-than-expected U.S. inflation data and a recovery in emerging markets.
The months-long trade tension between Washington and Beijing has prompted investors to buy the U.S. dollar in the belief that the United States has less to lose from the dispute. Investors widely expect another 0.25 percentage point interest rate hike when the U.S. central bank meets on Sept. 25-26, and there is a strong chance of another increase in December.
Physical gold buying waned in major Asian centres in the week as bullion prices rebounded from recent lows, with dealers in India offering the metal at a discount for the first time in over a month as an uptick in local rates moderated demand.
In India, the world’s second-biggest consumer of the metal after China, gold was being sold at a discount of up to $2 an ounce over official domestic prices in the week, compared with a premium of $1 last week. Holdings of SPDR Gold, were down 0.4 percent on Thursday and 4.1 million ounces from an April peak.
Hedge funds and money managers cut their net short position in COMEX gold contracts in the week to Sept. 11, U.S. Commodity Futures Trading Commission (CFTC) data showed. Gold speculators cut their net short position by 7,493 contracts to 71,425 contracts, CFTC data showed.
Trading Ideas:
–Gold trading range for the day is 30214-30748.
–Gold prices seen under pressure tempered by expectations of a U.S. rate hike later this month.
–The dollar index slipped to a 1-1/2-month low after weaker-than-expected U.S. inflation data and a recovery in emerging markets.
–Physical gold buying waned in major Asian centres as bullion prices rebounded from recent lows, in India offering the metal at a discount for the first time in over a month.
Courtesy: Kedia Commodities
Source: Commodityonline.com
