MCX Gold under fresh buying; Support seen at 31380
MCX Crude Oil under fresh buying; Resistance seen at 5601
MCX Natural Gas under long liquidation; Support seen at 229.5
MCX Copper under fresh selling; Resistance seen at 460.2
MCX Zinc under Fresh buying; Support seen at 195
Technically MCX Silver is getting support at 38872 and below same could see a test of 38471 level, And resistance is now likely to be seen at 39517, a move above could see prices testing 39761.
Silver on MCX settled up 0.78% at 39274 as the dollar softened after data showed U.S. job growth slowed in September, easing concerns about a large run-up in inflation.
The Labor Department’s monthly employment report also showed a steady rise in wages, suggesting moderate inflation pressures, which could allow the Federal Reserve to maintain a path of gradual interest rate increases.
U.S. job growth slowed sharply in September likely as Hurricane Florence depressed restaurant and retail payrolls, but the unemployment rate fell to near a 49-year low of 3.7 percent, pointing to a further tightening in labor market conditions.
The Labor Department’s closely watched monthly employment report also showed a steady rise in wages, suggesting moderate inflation pressures, which could ease concerns about the economy overheating and keep the Federal Reserve on a path of gradual interest rate increases.
Nonfarm payrolls increased by 134,000 jobs last month, the fewest in a year, as the retail and leisure and hospitality sectors shed employment. Data for July and August were revised to show 87,000 more jobs added than previously reported.
The economy needs to create roughly 120,000 jobs per month to keep up with growth in the working-age population.
Bond yields have surged since the Federal Reserve added a quarter point to bring U.S. interest rates to between 2% and 2.5% last week in the third rate hike of the year. The Fed inidcated another increase in December and Friday’s jobs numbers were still supportive to the central bank’s plans.
Trading Ideas:
–Silver trading range for the day is 38471-39761.
–Silver prices gained as the dollar softened after data showed U.S. job growth slowed in September, easing concerns about a large run-up in inflation.
–U.S. job growth slowed sharply in September likely as Hurricane Florence depressed restaurant and retail payrolls.
–The unemployment rate fell to near a 49-year low of 3.7 percent, pointing to a further tightening in labor market conditions.
Courtesy: Kedia Commodities
Source: Commodityonline.com
