MCX Silver may trade between 36595-37225 levels
Long liquidation seen in NCDEX Turmeric
NCDEX Mustard Seed may trade between 4100-4158 levels
MCX Crude Palm Oil under long liquidation
NCDEX Ref. Soya Oil may trade between 723-741 levels
Technically now Gold is getting support at 30750 and below same could see a test of 30620 levels and resistance is now likely to be seen at 31025, a move above could see prices testing 31170.
Gold prices were steady with the dollar subdued after comments from Federal Reserve officials showing caution over the global economy. U.S. home builder sentiment recorded its steepest one-month drop in over 4-1/2 years in November.
The Federal Reserve is pushing ahead with gradual rate-hike plans next month as it marches toward a more normal policy stance that would keep the economy expanding, one of its most influential members said on Monday in the face of growing doubts in financial markets Asian stock markets slipped on Tuesday, extending sharp overnight losses on Wall Street as technology firms bore the brunt of worries about slackening demand, while the dollar sagged after weak U.S. data further sapped confidence in the currency.
British Prime Minister Theresa May vowed on Monday to stick to her draft European Union divorce deal as dissenting lawmakers in her own party tried to trigger a leadership challenge. Italy will stick with its 2019 budget plan despite criticism from the European Commission but talks are continuing, Economy Minister Giovanni Tria said on Monday after attending a meeting of euro zone finance ministers.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.16 percent to 760.86 tonnes on Monday. Russia produced 194.23 tonnes of gold in the first eight months of 2018, up from 193.58 tonnes in the same period last year, the finance ministry said on Monday.
The Fed is still expected to raise interest rates again next month and three times next year, but a strong majority over the past week say the risk is it will slow that pace down.
Trading Ideas:
–Gold trading range for the day is 30620-31170.
–Gold prices were steady with the dollar subdued after comments from Federal Reserve officials showing caution over the global economy.
–The possibility that the Fed might hold a neutral outlook beyond 2018.
–Russia produced 157.19 tonnes of gold in the first seven months of 2018, exactly the same amount as in the same period last year.
Courtesy: Kedia Commodities
Source: Commodityonline.com
