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
Gold market under fresh selling; Support seen at 31673
Fresh selling seen in MCX Cotton
Technically Silver market is under fresh selling as market has witnessed gain in open interest by 6.81% to settled at 29943 while prices down -278 rupees.
Now MCX Silver is getting support at 37884 and below same could see a test of 37719 levels and resistance is now likely to be seen at 38345, a move above could see prices testing 38641.
Silver on MCX settled down -0.73% at 38050 as U.S.-Sino trade tensions once again turned investors towards the greenback. The US dollar edged up to a fresh 16-month high against a basket of key currencies as the US economy continued to strengthen, putting the greenback on pace for a seventh straight month of gains.
The ADP national employment report on Wednesday showed that US private sector payrolls increased by the most in eight months in October, suggesting overall job growth accelerated after Hurricane Florence affected restaurant and retail employment in September.
China reported slower manufacturing growth in October for the second straight month as the trade war dispute with the US continues. The official manufacturing purchasing managers’ index (PMI) was 50.2 last month, lower than the expected 50.6 and down from 50.8 in September.
The official PMI reading for October was the lowest since July 2016, with the production and new orders sub-indices also falling from a month ago. New export orders contracted for the fifth straight month. German annual retail sales fell by an adjusted 2.6% in September compared to the year before, data from the Federal Statistics Office showed.
That was its sharpest drop since June 2013. On a month-on-month basis, German retail sales gained 0.1% in September. 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.
Trading Ideas:
–Silver trading range for the day is 37719-38641.
–Silver prices dropped as U.S.-Sino trade tensions once again turned investors towards the greenback.
–The US dollar edged up to a fresh 16-month high as the US economy continued to strengthen, putting the greenback on pace for a seventh straight month of gains.
–The ADP national employment report showed that US private sector payrolls increased by the most in eight months in October.
Courtesy: Kedia Commodities
Source: Commodityonline.com
