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
MCX Gold expected to trade in a range between 30517-30999
Technically Silver market is under short covering as market has witnessed drop in open interest by 3.4% to settled at 28031 while prices up 109 rupees.
Now MCX Silver is getting support at 36172 and below same could see a test of 35851 levels and resistance is now likely to be seen at 36678, a move above could see prices testing 36863.
Silver on MCX settled up 0.3% at 36494 marking a modest reversal in selling action that had driven the metal down for seven sessions in the past eight. 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.
U.S. consumer prices increased by the most in nine months in October amid gains in the cost of gasoline and rents, pointing to steadily rising inflation that likely will keep the Federal Reserve on track to raise interest rates again next month.
The Labor Department said its Consumer Price Index rose 0.3 percent last month after edging up 0.1 percent in September. In the 12 months through October, the CPI increased 2.5 percent, picking up from September’s 2.3 percent rise. Inflation pressures are building, partly driven by the lowest unemployment rate in nearly 49 years and strong domestic demand.
Annual wage growth recorded its largest increase in 9-1/2 years in October. British Prime Minister Theresa May won the backing of her senior ministers for a draft European Union divorce deal, freeing her to tackle the much more perilous struggle of getting parliament to approve the agreement.
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.
Trading Ideas:
–Silver trading range for the day is 35851-36863.
–Silver settles higher after recent downdraft, with inflation data, dollar action in focus.
–Fed Chair Powell said the introduction of press conferences after every Federal Reserve meeting next year means all meetings are now “live” for possible rate increases.
–U.S. consumer prices increased by the most in nine months in October amid gains in the cost of gasoline and rents, pointing to steadily rising inflation.
Courtesy: Kedia Commodities
Source: Commodityonline.com
