Natural Gas market under fresh buying; Support seen at 220.8
MCX Crude Oil likely to trade between 5210-5336 levels
MCX Gold expected to trade in a range between 30682-30916
MCX Crude Palm Oil under short covering; Support seen at 592.2
Ref. Soya Oil market under short covering
Technically MCX Silver is getting support at 37766 and below same could see a test of 37290 levels and resistance is now likely to be seen at 38554, a move above could see prices testing 38866.
Silver on MCX settled up 0.99% at 38242 traders sold the dollar after fully factoring in expectations of a Federal Reserve rate hike. The Fed held the first of its two-day policy meeting for September amid market bets that there was a 100% chance of the central bank announcing on Wednesday a quarter-percent rate hike, the third for the year.
The U.S. dollar fell with an expected Federal Reserve rate rise mostly priced in by traders, who will be looking for clues on the future pace of rate hikes from the central bank. A senior Chinese official said it was difficult to proceed with trade talks with the United States while Washington was putting “a knife to China’s neck”, a day after both sides heaped fresh tariffs on each other’s goods.
US house prices increased in July, inching forward 0.2% from June, according to the latest monthly House Price Index from the Federal Housing Finance Agency (FHFA). The previously reported 0.2% increase in June was revised upward to 0.3%. On a yearly basis, house prices were up 6.4% in July versus 6.5% in June.
US consumer confidence rose in September, notching its highest level in about 18 years. The Conference Board said its consumer confidence index increased to a reading of 138.4 this month from an upwardly revised 134.7 in August.
Investors await details from the two-day Federal Reserve meeting that began on Tuesday, with the U.S. central bank expected to raise benchmark interest rates and shed light on the path for future rate hikes.
Trading Ideas:
–Silver trading range for the day is 37290-38866.
–Silver gained traders sold the dollar after fully factoring in expectations of a Federal Reserve rate hike.
–The Fed held the first of its two-day policy meeting for September amid market bets that there was a 100% chance of announcing a quarter-percent rate hike.
–Holdings at ishares silver trust dropped by 0.49% i.e. 51.16 tonnes to 10420.30 tonnes from 10471.46 tonnes.
Courtesy: Kedia Commodities
Source: Commodityonline.com
