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 Silver market is under short covering as market has witnessed drop in open interest by 4.31% to settled at 26059 while prices up 300 rupees.
Now MCX Silver is getting support at 36729 and below same could see a test of 36467 levels and resistance is now likely to be seen at 37204, a move above could see prices testing 37417.
Silver on MCX settled up 0.82% at 36991 as investors sought safe haven assets amid fears of a chaotic departure for Britain from the European Union. Prime Minister Theresa May vowed to fight for her draft divorce deal with the EU after the resignation of her Brexit secretary and other ministers put her strategy and her job in peril.
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.
U.S. retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, but data for the prior two months was revised lower and the underlying trend suggested that consumer spending was probably slowing down.
The U.S. economy is expanding at a 2.8 percent annualized rate in the fourth quarter, based on domestic retail sales data in October, the Atlanta Fed’s GDPNow forecast model showed. China’s written response to U.S. demands for trade reforms is unlikely to trigger a breakthrough at talks between Presidents Donald Trump and Xi Jinping later this month, a senior Trump administration official told.
Italy’s government is looking to avoid European sanctions over its 2019 budget, Deputy Prime Minister Luigi Di Maio said while stressing he did not want Italians to have to foot the bill.
Trading Ideas:
–Silver trading range for the day is 36467-37417.
–Silver prices rose as investors moved to risk-averse assets amid Brexit turmoil and trade war concerns.
–U.S. manufacturing production rises steadily in October.
–Prime Minister Theresa May vowed to fight for her draft divorce deal with the EU after the resignation of her Brexit secretary.
Courtesy: Kedia Commodities
Source: Commodityonline.com
