MCX Nickel under long liquidation; Resistance seen at 819.1
MCX Aluminium under long liquidation; Support seen at 139.6
MCX Mentha Oil under fresh selling; Support seen at 1785.3
MCX Crude Oil expected to trade in a range between 3890-4244
Silver market under short covering; Support seen at 36172
Technically Gold market is under short covering as market has witnessed drop in open interest by -5.71% to settled at 8795 while prices up 53 rupees.
Now MCX Gold is getting support at 30670 and below same could see a test of 30517 levels and resistance is now likely to be seen at 30911, a move above could see prices testing 30999.
Gold rose helped by a slight retreat in the dollar following a rally and as some investors covered their short positions after the metal held the key $1,200 level. Fed Chair Jerome Powell said the introduction of press conferences after every Federal Reserve meeting next year means all meetings are now “live” for possible rate increases.
China has delivered a written response to U.S. demands for wide-ranging trade reforms, three U.S. government sources said on Wednesday, a move that could trigger negotiations to bring an end to a withering trade war between the world’s top economies.
Meanwhile, holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.11 percent to 761.16 tonnes on Tuesday. The holdings, however, remained near their highest level in more than two months.
The Italian government will submit a new budget to the European Commission, while UK Prime Minister Theresa May hinted that her cabinet could reach an agreement on Brexit within 48 hours. Prime Minister May said on Tuesday that a “small number of outstanding issues” remain to be hammered out. One of those issues, the Irish border, appears far from agreement.
U.K. Prime Minister Theresa May will present a draft text of a Brexit withdrawal agreement to her senior ministers after both the UK and EU reached consensus on the Brexit divorce deal.
Trading Ideas:
–Gold trading range for the day is 30517-30999.
–Gold rose helped by a slight retreat in the dollar following a rally and as some investors covered their short positions after the metal held the key $1,200 level.
–The Fed indicated earlier this month that it is still on course to hike interest rates in December.
–Market participants will also be keeping an eye on Fed Chairman Powell’s appearance in the Federal Reserve Bank of Dallas Global Perspective Speaker Series.
Courtesy: Kedia Commodities
Source: Commodityonline.com
