MCX Nickel under fresh selling; Support seen at 882.3
MCX Aluminium under fresh selling; Resistance seen at 145.6
MCX Menthol Oil under fresh buying; Support seen at 1787.3
Crude Oil market under short covering; Support seen at 4878
MCX Silver expected to trade in a range between 38318-39158
Technically MCX Gold is getting support at 31764 and below same could see a test of 31666 levels and resistance is now likely to be seen at 32037, a move above could see prices testing 32212.
Gold on MCX settled down 0.16% at 31861 on a strong dollar and a rebound of stocks following a multi-day sell-off globally, taking steam out of bullion’s momentum.
U.S. business spending on equipment appeared to have remained slow in September and the goods trade deficit widened further as rising imports outpaced a rebound in exports, suggesting economic growth moderated in the third quarter.
The recent cratering of stock markets is nowhere near severe enough to rattle confidence and significantly hurt U.S. business and consumer spending, a Fed official said, in the latest unruffled message from the U.S. central bank.
The government said earlier that the number of Americans receiving unemployment benefits fell to more than a 45-year low, a sign to tight labor market conditions. That will likely keep the U.S. central bank on course to raise interest rates again in December.
Richard Clarida, U.S. President Donald Trump’s most recent addition to the Federal Reserve Board, made his debut speech on Thursday just days after Trump again slammed the Fed for raising interest rates. His message: rates should continue higher.
The European Central Bank stuck to plans on Thursday to claw back unprecedented stimulus, even as the growth outlook continues to darken and political turmoil in Italy looms large over the currency bloc. Italy would need to secure a bailout from the European Union if it is to receive any help from the European Central Bank to bring down its borrowing costs on financial markets, the ECB’s President Mario Draghi said.
Trading Ideas:
–Gold trading range for the day is 31666-32212.
–Gold prices fell on a strong dollar and a rebound of stocks following a multi-day sell-off globally, taking steam out of bullion’s momentum.
–U.S. business spending on equipment appeared to have remained slow in September and the goods trade deficit widened further
–Concerns ranging from U.S.-China trade disputes to Italy’s budget woes and Brexit uncertainty have accelerated the flight to safety.
Courtesy: Kedia Commodities
Source: Commodityonline.com
