MCX Crude Oil may trade in a range between 3436-3900
MCX Nickel under long liquidation; Resistance seen at 771.6
Long liquidation seen in MCX Aluminium; Support seen at 135.8
MCX Mentha Oil under short covering; Resistance Seen at 1680
Silve market under long liquidation; Support seen at 35724
Technically Gold market is under long liquidation as market has witnessed drop in open interest by 4.75% to settled at 7225 while prices down -114 rupees.
Now MCX Gold is getting support at 30422 and below same could see a test of 30349 levels and resistance is now likely to be seen at 30558, a move above could see prices testing 30621.
Gold on MCX settled down -0.37% at 30495 as prices remained under pressure as investors were cautious ahead of a G20 summit where leaders of the United States and China are set to discuss their trade dispute.
China President Xi Jinping is due to hold talks with U.S. President Donald Trump at the G20 meeting that starts on Nov. 30 in Argentina to reconcile their trade dispute. The United States is set to raise its tariffs to 25 percent on $200 billion of Chinese imports on Jan. 1 from 10 percent currently.
Trump has also threatened to impose tariffs on all Chinese imports unless U.S. demands are addressed. Investor interest in bullion was reflected in holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, which rose on Wednesday to their highest since end-August.
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, the finance ministry said. Production for the period included 129.34 tonnes of mined gold compared with 126.39 tonnes a year ago, the ministry said.
Switzerland exported less gold in October than in any month since August last year, as shipments to India fell to the lowest in at least five years, Swiss customs data showed. Russia’s gold reserves stood at 66.4 million troy ounces as of the start of November, the central bank said.
Trading Ideas:
–Gold trading range for the day is 30349-30621.
–Gold prices remained under pressure as investors were cautious ahead of a G20 summit where leaders of the US and China are set to discuss their trade dispute.
–The Federal Reserve is widely expected to raise U.S. interest rates for a fourth time this year at its December meeting.
–The dollar was broadly lower after a rebound in global equities and the euro strengthened on hopes for a resolution of Italy’s budget dispute.
Courtesy: Kedia Commodities
Source: Commodityonline.com
