MCX Crude Oil expected to trade in a range between 5152-5304
MCX Nickel likely to move in a range of 907.9-952.9
MCX Aluminium may trade between 146.2-151.4 levels
MCX Menthol Oil likely to move in a range of 1603.7-1679.5
MCX Cotton under fresh selling; Support seen at 22140
Technically now Silver is getting support at 37712 and below same could see a test of 37558 level, And resistance is now likely to be seen at 38158, a move above could see prices testing 38450.
Silver steadied after the Federal Reserve announced a much-anticipated third U.S. rate hike for the year. The Fed raised interest rates by a quarter percentage point, increasing the overnight U.S. funds rate to a range of 2.00% to 2.25%.
The central bank said in a statement that its decision was in response to the country’s faster pace of economic growth. With September’s hike now in place, investors are expecting another rate increase in December.
Indications that the Fed is looking to remain hawkish next year would likely bolster the dollar, while suggestions that it may slow the pace of rate hikes or that it is coming to the end of its tightening cycle next year could send the greenback lower.
Overall market sentiment in gold remained subdued on Wednesday after U.S. President Donald Trump’s appearance at the United Nations General Assembly the previous day, where he restated his administrations tough stance on trade and that it would “no longer tolerate abuse”.
Investors looking for a safe place to park assets have preferred the U.S. currency to bullion, undermining bullion’s traditional role as a safe haven, while speculators have ramped up bets that prices will fall. China announced more tariff cuts Wednesday on imports of construction machinery and other goods.
The tariff cut, effective November 1, applies to 1,585 types of goods including machinery, paper, textiles and construction materials. The combination of these and other tariff cuts this year will lower the tax burden on consumers and companies by about 60 billion yuan ($8.7 billion), the radio reported.
Trading Ideas:
–Silver trading range for the day is 37558-38450.
–Silver steadied after the Federal Reserve announced a much-anticipated third U.S. rate hike for the year.
–The Fed raised interest rates by a quarter percentage point, increasing the overnight U.S. funds rate to a range of 2.00% to 2.25%.
–The central bank said in a statement that its decision was in response to the country’s faster pace of economic growth.
Courtesy: Kedia Commodities
Source: Commodityonline.com
