MCX Silver may trade between 36364-37304 levels
MCX Crude Oil likely to move in a range of 4311-4527
MCX Natural Gas under short covering; Resistance seen at 282.6
MCX Copper under short covering
MCX Zinc under Fresh buying; Support seen at 183.7
Technically MCX Gold is getting support at 30923 and below same could see a test of 30846 level, And resistance is now likely to be seen at 31123, a move above could see prices testing 31246.
Gold fell as the dollar inched up as traders awaited the U.S. inflation data due later this week. The U.S. central bank last week indicated it planned to raise rates next month and remained on track for two more potential hikes by mid-2019 on the back of an upbeat economy and rising wage pressures.
Meanwhile, Federal Reserve Chairman Jerome Powell’s speech would also be closely watched as he discusses national and global economic issues. The Fed indicated earlier this month that it is still on course to hike interest rates in December.
Precious metals traders will be focusing on U.S. inflation data after the Federal Reserve indicated that it is on track to hike interest rates again in December and early next year. Investors will get another update on the health of consumers from Thursday’s retail sales numbers, which are expected to show an increase from the previous month.
Metals traders will also be watching a speech by Fed Chairman Jerome Powell in Dallas on Wednesday, where he is expected to discuss national and global economic issues, as well as appearances by a handful of other Fed speakers, including Vice Chair Randal Quarles. The US wholesale inventories rose more in September than estimated.
As reported, the Commerce Department said that wholesale inventories rose 0.4% in September, slightly faster than its initial estimate of growth of 0.3%. As a result, inventories rose 5.2% year over year as of September.
Trading Ideas:
–Gold trading range for the day is 30846-31246.
–Gold dropped as the dollar inched up as traders awaited the U.S. inflation data due later this week.
–U.S. central bank last week indicated it planned to raise rates next month and remained on track for two more potential hikes by mid-2019 on the back of an upbeat economy.
–The US Dollar found renewed haven appeal against the risk-off backdrop, and its rise undermined the appeal of anti-fiat alternatives epitomized by the yellow metal.
Courtesy: Kedia Commodities
Source: Commodityonline.com
