MCX Nickel may trade between 841-882.6 levels
MCX Aluminium likely to move in a range of 144-148
MCX Menthol Oil under fresh buying; Support seen at 1804.6
Silver market under fresh selling; Support seen at 37884
Fresh selling seen in MCX Cotton
Technically Gold market is under fresh selling as market has witnessed gain in open interest by 6.16% to settled at 13427 while prices down 89 rupees.
Now MCX Gold is getting support at 31673 and below same could see a test of 31598 levels and resistance is now likely to be seen at 31861, a move above could see prices testing 31974.
Gold on MCX settled down 0.28% at 31748 as the dollar scaled a 16-month peak and a stock market rebound stirred renewed appetite for riskier investments.
U.S. President Donald Trump has not “set in stone” any decisions on escalating tariffs on Chinese goods and may withdraw some duties if there are promising policy discussions with China, White House economic adviser Larry Kudlow said.
U.S. private sector payrolls increased by the most in eight months in October, suggesting overall job growth accelerated this month after Hurricane Florence weighed on restaurant and retail employment in September. The strong jobs market is gradually putting upward pressure on compensation, with other data showing a solid increase in labour costs in the third quarter.
British Prime Minister Theresa May has struck a tentative deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported. Euro zone inflation accelerated last month, providing further rationale for the European Central Bank’s decision to dial back stimulus even as growth is slowing more sharply than most had forecast.
SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.12 percent to 754.06 tonnes on Wednesday from 754.94 tonnes on Tuesday. The U.S. Mint sold 22,000 ounces of American Eagle gold coins in October, up 7.3 percent from the previous month, according to the latest data.
Trading Ideas:
–Gold trading range for the day is 31598-31974.
–Gold fell as the dollar scaled a 16-month peak and a stock market rebound stirred renewed appetite for riskier investments.
–U.S. private sector payrolls increased by the most in eight months in October, suggesting overall job growth accelerated this month.
–SPDR Gold Trust, said its holdings fell 0.12 percent to 754.06 tonnes on Wednesday from 754.94 tonnes on Tuesday.
Courtesy: Kedia Commodities
Source: Commodityonline.com
