MCX Natural Gas may trade in a range between 231.1-247.1
MCX Nickel likely to move in a range of 841.7-884.9
MCX Aluminium may trade between 142.8-147.8 levels
Crude Oil market under fresh selling; Support seen at 4574
Silver market under short covering; Support seen at 38771
Technically Gold market is under short covering as market has witnessed drop in open interest by 0.3% to settled at 13387 while prices up 144 rupees.
Now Gold is getting support at 31778 and below same could see a test of 31665 levels and resistance is now likely to be seen at 31971, a move above could see prices testing 32051.
Gold on MCX settled up 0.45% at 31892 as the recent drop in metal prices and an easing of the U.S. dollar from multi-month highs stoked buying. Investors are wary of a potential saturation in currencies ahead of the U.S. mid-term elections and amid other geo-political uncertainties.
U.S. President Donald Trump and Chinese President Xi Jinping both expressed optimism about resolving their bitter trade disputes ahead of a high-stakes meeting planned for the two leaders at the end of November in Argentina.
Trump increased economic pressure on Venezuela’s leftist President Nicolas Maduro with new sanctions aimed at disrupting the South American country’s gold exports. The U.S. economy is expanding at a 3.0 percent annualised rate in the fourth quarter, following the latest data on manufacturing activity and construction spending, the Atlanta Federal Reserve’s GDPNow forecast model showed.
The UK and the European Union have made progress on a deal to give London’s dominant financial centre basic access to EU markets after Brexit, two British officials said, but no agreement has yet been clinched. SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.90 percent to 760.82 tonnes on Thursday from 754.06 tonnes on Wednesday.
Global demand for gold rose slightly in the third quarter compared to the same period a year ago as resurgent buying from central banks and retail consumers balanced huge outflows from exchange traded funds, the World Gold Council (WGC) said on Thursday.
Trading Ideas:
–Gold trading range for the day is 31665-32051.
–Gold gained as the recent drop in metal prices and an easing of the U.S. dollar from multi-month highs stoked buying.
–Investors are wary of a potential saturation in currencies ahead of the U.S. mid-term elections and amid other geo-political uncertainties.
–Indian gold demand in 2018 is expected to fall from the previous year as a rally in local prices to five-year highs is likely to dent purchases during key festivals.
Courtesy: Kedia Commodities
Source: Commodityonline.com
