MCX Crude Palm Oil under short covering
Ref. Soya Oil market under short covering; Support seen at 730
NCDEX Soyabean under long liquidation; Resistance seen at 3252
Mentha Oil market under long liquidation; Support seen at 1701.5
Aluminium may trade between 143.4-147.8 levels
Technically Gold market is under fresh buying as market has witnessed gain in open interest by 3.71% to settled at 8471 while prices up 340 rupees.
Now MCX Gold is getting support at 30622 and below same could see a test of 30469 levels and resistance is now likely to be seen at 30864, a move above could see prices testing 30953.
Gold on MCX settled up 1.12% at 30776 as bargain-hunters bought the metal after prices dipped amid reports that US is set to impose a new round of tariffs on Chinese imports.
U.S. President Donald Trump on Monday imposed 10 percent tariffs on about $200 billion worth of Chinese imports. Trump also warned that if China takes retaliatory action against U.S. farmers or industries, “we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports.”
The months-long trade rift 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.
Gold prices have declined over 12 percent from April amid intensifying global trade tensions and under pressure from rising U.S. interest rates. Hedge funds and speculators have swung sharply toward pricing in higher rates and yields at the short end of the curve, a sign that they are backing down and now think the Fed will stick to the pace and path of rate hikes it has long flagged.
Russia raised gold holdings by 28.367 tonnes to 1,998.538 tonnes in 2018 August, International Monetary Fund data showed. Currently, the ECB’s plan is to half the monthly asset purchase to €15 billion starting October, and to end it after December. Interest rates would stay at present levels through the summer of 2019.
Trading Ideas:
–Gold trading range for the day is 30469-30953.
–Gold inched up as bargain-hunters bought the metal after prices dipped amid reports that US is set to impose a new round of tariffs on Chinese imports.
–U.S. President Donald Trump on Monday imposed 10 percent tariffs on about $200 billion worth of Chinese imports.
–Gold prices have declined over 12 percent from April amid intensifying global trade tensions and under pressure from rising U.S. interest rates.
Courtesy: Kedia Commodities
Source: Commodityonline.com
