MCX Silver expected to trade between 37021-38129 levels
NCDEX Mustard Seed under fresh buying; Support seen at 4203
MCX Crude Palm Oil under short covering
Ref. Soya Oil market under fresh buying; Support seen at 731
NCDEX Soyabean under fresh buying; Resistance seen at 3389
Technically now Gold is getting support at 30410 and below same could see a test of 30238 levels and resistance is now likely to be seen at 30829, a move above could see prices testing 31076.
Gold prices seen pressure as the dollar firmed after British Prime Minister Theresa May said the European Union must supply an alternative Brexit proposal. British Prime Minister Theresa May said the European Union must come up with an alternative to her Brexit proposals, saying talks had reached an impasse after the bloc’s leaders rejected her plans without explaining why.
China’s moves to boost domestic consumption also helped bolster the dollar rally driven by investor bets that the latest U.S.-China trade salvoes were unlikely to dent global growth. Hedge funds and money managers increased their net short position in COMEX gold contracts in the week to Sept. 18, U.S. Commodity Futures Trading Commission (CFTC) data showed.
Gold speculators raised their net short position by 2,965 contracts to 74,390 contracts, according to CFTC data. Discounts for gold against official domestic prices in India widened to three-month highs in the week, even as an escalation in the trade dispute between China and the United States triggered safe haven buying in China, the world’s biggest consumer.
Dealers in India were offering a discount of up to $5 an ounce, the highest since mid-June, as higher prices curtailed demand. Last week the discount was $2. Switzerland’s gold trade boomed in August, with imports hitting their highest level since January 2017 and exports the highest since June last year, data from the Swiss customs bureau showed.
Trading Ideas:
–Gold trading range for the day is 30238-31076.
–Gold prices seen pressure as the dollar firmed after British Prime Minister Theresa May said the European Union must supply an alternative Brexit proposal.
–China’s moves to boost domestic consumption also helped bolster the dollar rally driven by investor bets.
–Russia’s gold reserves stood at 64.3 million troy ounces as of the start of September, the central bank said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
