Natural Gas market under long liquidation; Support seen at 266.9
Crude Oil market under long liquidation; Support seen at 4015
Gold market under fresh selling; Support seen at 30715
MCX Mentha Oil under short covering
MCX Cotton under fresh buying; Resistance seen at 22380
Technically MCX Silver is getting support at 36474 and below same could see a test of 36257 levels and resistance is now likely to be seen at 36854, a move above could see prices testing 37017.
Silver on MCX settled up 0.54% at 36691 as investors sought cover from market turmoil after Britain’s long-awaited draft agreement to leave the European Union was thrown into chaos.
British Prime Minister Theresa May battled to save a draft divorce deal with the EU after her Brexit secretary and other ministers quit in protest and eurosceptic lawmakers stepped up efforts to topple her.
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 will likely keep the Federal Reserve on track to raise rates again next month.
A “really strong” U.S. economy is likely to continue growing, but softness in housing and high levels of corporate debt have caught the Federal Reserve’s eye, Chairman Jerome Powell said.
Powell, quizzed by Dallas Federal Reserve President Robert Kaplan in an hour-long conversation, was not asked directly about possible further rate increases, but said nothing to counter the expectation that the Fed will raise rates again when it meets in December.
However he did enumerate a set of concerns that have begun to arise among Fed officials as they debate how much further and how fast to raise their short-term policy rate, a benchmark for other borrowing costs in the economy.
“Slowing growth abroad. The tax cuts and spending increases that were enacted are providing some real boost right now, but that impetus is going to wear off over time,” Powell said when asked to list the “headwinds” the economy may face in coming months.
Trading Ideas:
–Silver trading range for the day is 36257-37017.
–Silver gained as investors sought cover from market turmoil after Britain’s long-awaited draft agreement to leave the European Union was thrown into chaos.
–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.
–A “really strong” U.S. economy is likely to continue growing, but softness in housing and high levels of corporate debt have caught the Federal Reserve’s eye.
Courtesy: Kedia Commodities
Source: Commodityonline.com
