Natural Gas market under fresh buying; Support seen at 220.8
MCX Crude Oil likely to trade between 5210-5336 levels
MCX Silver expected to trade in a range between 37290-38866
MCX Crude Palm Oil under short covering; Support seen at 592.2
Ref. Soya Oil market under short covering
Technically now Gold is getting support at 30751 and below same could see a test of 30682 levels and resistance is now likely to be seen at 30868, a move above could see prices testing 30916.
Gold steadied as the dollar drifted ahead of a U.S. Federal Reserve monetary policy meeting, but bullion’s upside remained capped by strong U.S. economic data that continues to underpin the greenback.
U.S. consumer confidence surged to an 18-year high in September as households grew more upbeat about the labour market, pointing to sustained strength in the economy despite an increasingly bitter trade dispute between the United States and China.
U.S. President Donald Trump’s top trade official said that changing China’s economic policies to become more market-oriented “is not going to be easy” even with tariffs now in place on $250 billion worth of Chinese goods.
Although gold is generally considered to be a safe-haven asset, the months-long trade rift between Washington and Beijing has instead prompted investors to buy U.S. dollars in the belief that the United States has less to lose from the dispute.
Donald Trump and Iranian President Hassan Rouhani exchanged taunts at the United Nations General Assembly on Tuesday with the U.S. President vowing more sanctions against Tehran and Rouhani suggesting his American counterpart suffers from a “weakness of intellect.”
Money markets now anticipate the ECB will lift interest rates in September 2019, bringing forward expectations for a first rate hike in a sign of growing conviction that a move will come before Mario Draghi’s term as ECB chief ends. Investors waited for details of the U.S. Federal Reserve’s two-day meeting that should give clues whether policymakers will raise interest rates for the third time this year.
Trading Ideas:
–Gold trading range for the day is 30682-30916.
–Gold steadied as the dollar drifted ahead of a U.S. Federal Reserve monetary policy meeting
–U.S. consumer confidence surged to an 18-year high in September as households grew more upbeat about the labour market, pointing to sustained strength in the economy.
–U.S. President Donald Trump’s top trade official said that changing China’s economic policies to become more market-oriented “is not going to be easy”.
Courtesy: Kedia Commodities
Source: Commodityonline.com
