MCX Crude Oil expected to trade in a range between 5174-5316
Copper market under long liquidation; Support seen at 444.5
Natural Gas market under fresh buying; Support seen at 218.1
MCX Nickel likely to move in a range of 889.3-933.7
MCX Aluminium may trade between 144.4-149.6 levels
Technically SIlver market is under fresh selling as market has witnessed gain in open interest by 7.26% to settle at 27422.
Now MCX Silver is getting support at 37320 and below same could see a test of 37040 levels and resistance is now likely to be seen at 37970, a move above could see prices testing 38340.
Silver on MCX settled down 0.71% at 37599 after the third U.S. rate hike for the year and the Federal Reserve’s indication of plans for more. Bullion’s slide also came as the U.S. dollar, subdued earlier in the week, rallied in response to the Fed’s intent to raise rates further.
The US economy grew as expected in the second quarter, according to a reading Thursday that confirmed that gross domestic product (GDP) rose at its quickest rate in nearly four years. The Fed’s Chairman Jerome Powell also discussed trade related issues, adding that the Fed had heard a “rising chorus of concerns from businesses all over the country.”
He also indicated there was no change in his thinking on monetary policy, although the Fed made an amendment to the statement by removing the use of “accommodative” to describe its stance on monetary policy. “The change does not signal any change in the likely path of policy,” Powell said at his press conference.
“Instead it is a sign that policy is proceeding in line with our expectations.” President Donald Trump’s accusation of Chinese meddling in upcoming U.S. elections marks a new phase in an escalating pressure campaign against Beijing that Washington is pursuing on multiple fronts, senior U.S. officials said on Thursday.
Italy’s government on Thursday targeted the budget deficit at 2.4 percent of gross domestic product for the next three years, defying Brussels and marking a victory for party chiefs over economy minister Giovanni Tria, an unaffiliated technocrat.
Trading Ideas:
–Silver trading range for the day is 37040-38340.
–Silver dropped after the third U.S. rate hike for the year and the Federal Reserve’s indication of plans for more.
–The Fed’s Chairman Jerome Powell also discussed trade related issues, adding that the Fed had heard a “rising chorus of concerns from businesses all over the country.”
–The US economy grew as expected in the second quarter, that confirmed that gross domestic product (GDP) rose at its quickest rate in nearly four years.
Courtesy: Kedia Commodities
Source: Commodityonline.com
