Silver market under fresh selling; Support seen at 38305
NCDEX Turmeric under short covering
NCDEX Mustard Seed under fresh selling; Support Seen at 4140
MCX Crude Palm Oil under long liquidation
NCDEX Ref. Soya Oil under fresh selling; Resistance seen at 757
Technically Gold market is under fresh buying as market has witnessed gain in open interest by 2.19% to settled at 12648 while prices up 98 rupees.
Now MCX Gold is getting support at 31301 and below same could see a test of 31220 levels and resistance is now likely to be seen at 31429, a move above could see prices testing 31476.
Gold on MCX settled up 0.31% at 31381 as some investors sought refuge in the precious metal after the global stocks tumbled and the U.S. dollar weakened.
U.S. producer prices increased 0.2 percent in September, in line with expectations, while a revision to wholesale inventory estimates for August showed the biggest jump in nearly five years, beating forecasts.
U.S. President Donald Trump said that Wednesday’s stock market sell-off was in fact a long-awaited “correction,” and that the Federal Reserve, which has been raising U.S. interest rates, had gone “crazy”.
U.S. Treasury yields fell late in a flight to quality as investors snapped up government bonds amid the sharp sell-off in U.S. stocks. The Fed can likely stop raising U.S. interest rates once they reach about 3 percent, as long as inflation remains around 2 percent and the economy is doing well, Chicago Federal Reserve President Charles Evans suggested.
European Union Brexit negotiator Michel Barnier said on Wednesday that an agreement with Britain could be “within reach” next week, calling for decisive progress in the talks in time for a summit of all 28 EU leaders. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1.21 percent to 738.99 tonnes.
India’s gold imports in September dropped more than 14 percent from a year ago as a rally in local prices due to a depreciating rupee reduced demand in the world’s second-biggest consumer of bullion.
Trading Ideas:
–Gold trading range for the day is 31220-31476.
–Gold prices edged higher as some investors sought refuge in the precious metal after the global stocks tumbled and the U.S. dollar weakened.
–U.S. President Donald Trump again criticized the Fed, telling reporters the central bank is going too fast in raising rates when inflation is minimal.
–Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1.21 percent to 738.99 tonnes.
Courtesy: Kedia Commodities
Source: Commodityonline.com
