MCX Mentha Oil under fresh selling; Support seen at 1787.3
Zinc market under short covering; Support seen at 188.8
Copper market under short covering; Support seen at 436.6
Natural Gas likely to trade in a range between 266.7-328.9
Crude Oil market under fresh buying; Support seen at 4039
Technically Gold market is under fresh buying as market has witnessed gain in open interest by 4.04% to settled at 9173 while prices up 186 rupees.
Now MCX Gold is getting support at 30829 and below same could see a test of 30651 levels and resistance is now likely to be seen at 31166, a move above could see prices testing 31325.
Gold on MCX settled up 0.6% at 31007 as the dollar fell after U.S. Federal Reserve officials made cautions comments on the outlook for interest rate hikes. Two Fed officials cautioned that global economic growth was slowing.
Federal Reserve policymakers signalled further interest rate increases ahead, even as they raised relatively muted concerns over a potential global slowdown that has markets betting heavily that the rate-hike cycle will soon peter out.
U.S. manufacturing output increased for a fifth straight month in October, shrugging off a sharp decline in motor vehicle production and suggesting underlying strength in factory activity despite signs of a slowdown in the sector.
The Federal Reserve said manufacturing production rose 0.3 percent last month. Data for September was revised up to show output at factories increasing 0.3 percent instead of advancing 0.2 percent as previously reported.
Brexit fears took centre stage after UK Brexit Minister Dominic Raab resigned, adding to uncertainty over whether Prime Minister Theresa May’s proposed Brexit deal will win parliamentary approval.
Gold is trading at premium in India for the first time in more than two months on robust demand following a busy festival week, while a dip in global prices helped bullion’s appeal in some Asian hubs.
Dealers in India, the world’s second biggest gold consumer after China, were charging a premium – the first time since early September – of up to $3 an ounce over official domestic prices in the week.
Trading Ideas:
–Gold trading range for the day is 30651-31325.
–Gold rallied as the dollar fell after U.S. Federal Reserve officials made cautions comments on the outlook for interest rate hikes.
–Fed’s Clarida says he sees some evidence of global economic slowing that’s relevant to US outlook.
–Brexiters expect no confidence vote threshold in PM May will be reached today with the vote to take place on Tuesday.
Courtesy: Kedia Commodities
Source: Commodityonline.com
