MCX Silver may move in a range of 37959-39349
MCX Crude Oil under long liquidation; Support seen at 5441
MCX Natural Gas under fresh buying; Resistance seen at 246.3
MCX Copper may move in a range of 449-461.6
MCX Zinc under Fresh buying; Support seen at 194.9
Technically Gold market is under long liquidation as market has witnessed drop in open interest by 10.51% to settled at 12477 while prices down 423 rupees.
Now MCX Gold is getting support at 31105 and below same could see a test of 30989 level, And resistance is now likely to be seen at 31434, a move above could see prices testing 31647.
Gold on MCX settled down 1.34% at 31220 as investors sought safety in the U.S. dollar on concerns about a selloff in global stocks worsened by worries over economic growth in China. Investors fretted about everything from the Chinese economy, to trade wars, higher U.S. bond yields and political dysfunction in Europe.
China will increase export tax rebates from Nov. 1 and quicken export tax rebate payments to support foreign trade, the cabinet said on Monday, as a trade war with the United States escalates.
The United States remains concerned about China’s recent currency depreciation, a senior Treasury official said on Monday, adding that it was unclear whether Treasury Secretary Steven Mnuchin would meet with any Chinese officials at the International Monetary Fund (IMF) and World Bank meetings this week.
St. Louis Federal Reserve Bank President James Bullard said on Monday that the United States needed productivity gains to maintain its current growth rates, which could be achieved through investments and technology.
U.S. Secretary of State Mike Pompeo on Monday hailed “significant progress” in talks with North Korean leader Kim Jong Un at the weekend and said the sides were “pretty close” to agreeing details for a second summit between Kim and President Donald Trump. Meanwhile, speculators cut their net short position in COMEX gold by 4,186 contracts to 73,128 in the week to Oct. 2.
Trading Ideas:
–Gold trading range for the day is 30989-31647.
–Gold fell as investors sought safety in the U.S. dollar on concerns about a selloff in global stocks worsened by worries over economic growth in China.
–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
