MCX Copper likely to move in a range of 433.2-442
MCX Natural Gas may move in a range of 205.1-219.3
MCX Crude Oil under long liquidation; Support seen at 5032
MCX Gold may trade between 30502-30718 levels
MCX Nickel under short covering; Resistance seen at 905.3
Technically MCX Silver is getting support at 37176 and below same could see a test of 37093 level, And resistance is now likely to be seen at 37366, a move above could see prices testing 37473.
Silver prices traded in range as the dollar slumped, boosting the appeal of the metal. The U.S. currency ebbed amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than originally feared.
The U.S. economy will expand at a robust pace in coming quarters but slow to 2 percent by the end of 2019, according to forecasters who unanimously said the escalating trade war with China was bad economic policy.
The US current-account deficit fell 17% in the second quarter and touched the lowest level in three years as goods exports rose. The deficit dropped to $101.5 billion from a revised $121.7 billion in the first quarter, the government said Wednesday.
The current account includes not just trade but also investments made abroad as well as personal cash transfers such as foreign workers sending money home. The Commerce Department said a tax overhaul passed by Congress in December 2017, which changed how repatriated earnings are taxed, led many companies to bring back cash parked abroad.
The British Prime Minister Theresa May is set to make a major new compromise in Brexit talks in a bid to break the deadlock over the Irish border problem. Under proposals to be brought forward by the UK government, Britain is expected to accept some checks taking place between Northern Ireland and Great Britain.
Trading Ideas:
–Silver trading range for the day is 37093-37473.
–Silver prices traded in range as the dollar slumped, boosting the appeal of the metal.
–The U.S. currency ebbed amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than originally feared.
–A less-harsh-than-expected volley of tariffs exchanged by US and China earlier this week suggested both nations are in no rush to ramp up their trade dispute.
Courtesy: Kedia Commodities
Source: Commodityonline.com
