MCX Silver may trade between 38471-39761 levels
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 Gold market is under fresh buying as market has witnessed gain in open interest by 5.49% to settled at 13942 while prices up 226 rupees.
Now MCX Gold is getting support at 31380 and below same could see a test of 31116 level, And resistance is now likely to be seen at 31789, a move above could see prices testing 31934.
Gold on MCX settled up 0.72% at 31643 as the greenback pared back earlier gains after September’s jobs numbers came in lower than expected. The U.S. economy created less jobs than expected in September, but unemployment reached a 48-year low, indicating the economy was at full-employment.
The disappointing numbers pushed the dollar lower, despite increased expectations of a Federal Reserve rate hike in December. The yield on the benchmark United States 10-Year Treasury note jumped to 3.227%, a level not seen since rose to levels not seen since 2011, but soon leveled back to 3.208%.
Higher domestic prices dented demand for physical gold in India, prompting dealers to offer the biggest discounts in 3-1/2 months in the week, while neighbouring Bangladesh approved its first policy to regulate imports and exports of the metal.
Some customers in Singapore and elsewhere in Asia cashed in on a slight dip in global prices earlier in the week, even as markets in top consumer China were closed for the Golden Week festival.
In India, the second biggest gold consumer after China, dealers offered discounts of up to $6.5 an ounce over official domestic prices, the highest since mid-June, compared with $2 discounts last week.
India’s gold imports were expected to rise in the fourth quarter. Gold-backed exchange-traded funds (ETFs) experienced outflows in North America European and Asian funds during September, as investors continued to show extreme short positioning, the World Gold Council said.
Trading Ideas:
–Gold trading range for the day is 31116-31934.
–Gold prices rose as the greenback pared back earlier gains after September’s jobs numbers came in lower than expected.
–The U.S. economy created less jobs than expected in September, but unemployment reached a 48-year low, indicating the economy was at full-employment.
–Higher domestic prices dented demand for physical gold in India, prompting dealers to offer the biggest discounts in 3-1/2 months in the week.
Courtesy: Kedia Commodities
Source: Commodityonline.com
