MCX Zinc expected to trade in a range between 181.2-193.2
MCX Copper likely to trade in a range between 425.8-453.6
MCX Natural Gas likely to trade between 293.9-343.1 range
MCX Crude Oil may trade in range between 3641-4225.
MCX Nickel expected to trade between 773.2-814.4 levels
Technically now Silver is getting support at 36387 and below same could see a test of 36181 levels and resistance is now likely to be seen at 36912, a move above could see prices testing 37231.
Silver on MCX settled down -0.74% at 36592 as US dollar rallied as a sell-off in global stock markets spurred safe-haven bids and investors grew concerned about slowing global growth.
New York Fed President John Williams said the Federal Reserve “will be likely raising interest rates somewhat.” The recent winning streak began when Fed Chairman Jerome Powell warned last Wednesday of slowing demand abroad, fading fiscal stimulus at home and the lagged economic impact of the Fed’s past rate increases, suggesting that a pause in tightening may well come in 2019.
Adding to that interpretation, Fed Vice Chairman Richard Clarida told that the rates were currently near neutral levels, while Dallas Fed President Robert Kaplan also said that he expected a growth slowdown in Europe and China.
Markets still expect the Fed to undertake its fourth rate hike this year at its next meeting in December, but the remarks seemed to suggest a more cautious central bank in the face of uncertainty over the global economy and the current trade dispute between the U.S. and China. Bank of England governor Mark Carney on Tuesday backed UK Prime Minister Theresa May’s EU withdrawal plans and warned a no-deal Brexit would be the “worst outcome”.
In a hearing with members of Parliament on the Treasury Select Committee, he said that the central bank welcomed “the transition arrangements in the withdrawal agreement” and noted the “possibility of extending that transition period”.
The US will release its weekly jobless claims, durable goods orders and existing home sales for October, University of Michigan consumer sentiment index for November.
Trading Ideas:
–Silver trading range for the day is 36181-37231.
–Silver dropped as US dollar rallied as a sell-off in global stock markets spurred safe-haven bids and investors grew concerned about slowing global growth.
–Federal Reserve Bank of Dallas President Robert Kaplan also said in a separate interview with Fox Business that he expected a growth slowdown in Europe and China.
–Markets widely expect a fourth rate hike for this year next month and policymakers had earlier indicated two more by June 2019.
Courtesy: Kedia Commodities
Source: Commodityonline.com
