MCX Aluminium may trade between 148.6-152.4
MCX Menthol Oil under long liquidation; Support seen at 1677.5
MCX Cotton under short covering; Support seen at 22526.6
MCX Cardamom likely to move in a range of 1357.6-1368
NCDEX Jeera under fresh buying; Resistance seen at 20113
Technically MCX Gold is getting support at 31752 and below same could see a test of 31657 levels and resistance is now likely to be seen at 31920, a move above could see prices testing 31993.
Gold on MCX settled down 0.45% at 31846 coming under pressure as the U.S. dollar climbed and global stocks rebounded from a six-day rout. But support remained solid above the $1,200 level from safe-haven demand triggered by the recent weakness on Wall Street and spike in Treasury yields.
The dollar index rose as global equities rebounded from a multiday selloff, boosted by strong export data in China. The Fed hiked rates last month for the third time this year and is expected to raise them again in December.
Physical gold demand in India was subdued in the week as a rally in domestic prices curbed retail purchases going into a key festival season, while buying remained lacklustre in other major Asian hubs. Dealers in India offered a discount of up to $6 an ounce over official domestic prices this week, down from last week’s $6.50, which was the highest since mid-June.
Demand usually strengthens toward the end of the year as the traditional wedding season kicks in and as the country celebrates major festivals including Diwali and Dussehra, when buying gold is considered auspicious.
In China, markets opened after the Golden Week festival and premiums ranged between $4.50 and $8 an ounce, versus $6.50-$8 in the week ending Sept. 28. Hedge funds and money managers increased their bearish wagers on Comex gold contracts in the week to Oct. 9, the U.S. Commodity Futures Trading Commission said. Gold speculators extended their net short position by 29,881 contracts to 103,009 contracts, according to CFTC data.
Trading Ideas:
–Gold trading range for the day is 31657-31993.
–Gold prices eased coming under pressure as the U.S. dollar climbed and global stocks rebounded from a six-day rout.
–The dollar index rose as global equities rebounded from a multiday selloff, boosted by strong export data in China.
–The Fed hiked rates last month for the third time this year and is expected to raise them again in December.
Courtesy: Kedia Commodities
Source: Commodityonline.com
