MCX Gold may trade in a range between 30620-31170
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 MCX Silver is getting support at 36730 and below same could see a test of 36595 levels and resistance is now likely to be seen at 37045, a move above could see prices testing 37225.
Silver traded in range as the dollar was subdued after Federal Reserve officials cautioned on the global economy. Fed policymakers signalled further interest rate increases ahead, even as they raised relatively muted concerns over a potential global slowdown.
A fourth rate hike for this year is expected next month and policymakers had earlier indicated two more by June 2019. 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.
US manufacturing output rose for a fifth straight month in October, shrugging off a sharp decline in motor vehicle production and suggesting underlying strength in factory activity.
The Federal Reserve said that manufacturing production increased 0.3% last month. Data for September was revised upwards to reflect growth of 0.3% at factories. October’s rise in manufacturing production offset declines in mining and utilities output, resulting in a 0.1% gain in industrial production last month, compared to a rise 0.2% in September.
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.
Trading Ideas:
–Silver trading range for the day is 36595-37225.
–Silver traded in range as the dollar was subdued after Federal Reserve officials cautioned on the global economy.
–Fed policymakers signalled further interest rate increases ahead, even as they raised relatively muted concerns over a potential global slowdown.
–A fourth rate hike for this year is expected next month and policymakers had earlier indicated two more by June 2019.
Courtesy: Kedia Commodities
Source: Commodityonline.com
