MCX Nickel under short covering
MCX Aluminium may trade between 142.1-147.1 levels
MCX Menthol Oil likely to move in a range of 1737.8-1793.6
MCX Gold under long liquidation; Support seen at 31245
MCX Cotton under short covering; Resistance seen 22460
Technically now Silver is getting support at 37271 and below same could see a test of 36928 levels and resistance is now likely to be seen at 38065, a move above could see prices testing 38516.
Silver prices slipped as investors digested the U.S. midterm election results. The dollar rose, pulling further away from the 2-1/2 week lows after the U.S. midterm elections delivered a broadly expected result.
Democrats won control of the House of Representatives while Republicans retained their hold on the Senate, as the U.S. midterm election’s outcome split Congress. U.S. President Donald Trump suggested he would work with Democrats on policy initiatives in order to promote economic growth.
The outlook for the Eurozone economy is mixed according to reports issued Thursday by the European Commission and the European Central Bank, which remains on course to tighten Eurozone monetary policy in due course.
The Commission forecast that Eurozone economic growth will reach 2.1% this year but will then ease to 1.9% next year and 1.7% in 2020. The Commission is concerned about US economic policies and Brexit, as well as Italy’s spending plans.
China’s foreign exchange reserves stood at $3.053 trillion in October, down $33.9 billion from a month earlier, according to data from the People’s Bank of China on Wednesday.
This marked the third consecutive month of decline, to the lowest since April 2017. Eurozone retail sales remained unchanged in September after it expanded in August, preliminary data from Eurostat showed.
On a year-on-year basis, retail sales rose 0.8% in September, compared with a 0.9% growth had predicted. The annual gain for August was revised to 2.2% from 1.8%.
Trading Ideas:
–Silver trading range for the day is 36928-38516.
–Silver prices slipped as investors digested the U.S. midterm election results.
–Democrats won control of the House of Representatives while Republicans retained their hold on the Senate, as the U.S. midterm election’s outcome split Congress.
–The dollar rose, pulling further away from the 2-1/2 week lows after the U.S. midterm elections delivered a broadly expected result.
Courtesy: Kedia Commodities
Source: Commodityonline.com
