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
Gold market under long liquidation; Support seen at 30422
Technically Silve market is under long liquidation as market has witnessed drop in open interest by 2.59% to settled at 21052 while prices down 525 rupees.
Now MCX Silver is getting support at 35724 and below same could see a test of 35388 levels and resistance is now likely to be seen at 36448, a move above could see prices testing 36836.
Silver on MCX settled down 1.43% at 36061 as the dollar regained momentum and an improvement in risk sentiment lifted stock markets in Europe, denting bullion’s appeal.
Euro zone business growth was much weaker than expected this month as exports fell sharply, hurt by a slowing global economy and a trade war led by the United States.
European Central Bank policymakers stressed at their meeting in October the need to reaffirm plans to dial back monetary stimulus even as some saw growing risks to the economy, minutes showed. Investors have been questioning the ECB’s resolve to follow through on plans to stop its bond purchases at the end of the year and raise interest rates sometime after next summer.
ECB rate-setters acknowledged the disappointing economic data on Oct 24-25 but took the view that the picture was still one of widespread economic growth and accelerating inflation. Market watchers are now looking ahead to the G20 summit in Argentina at the end of the month, where leaders from the United States and China are expected to hold talks against a backdrop of ongoing trade tensions.
Traders have begun to question if the central bank can continue to increase rates without risking a slowdown in the U.S. economy. Markets currently expect the Fed to increase rates at the upcoming Dec. 19 meeting and policymakers themselves had forecast there to be three additional hikes in 2019.
Trading Ideas:
–Silver trading range for the day is 35388-36836.
–Silver fell as the dollar regained momentum and an improvement in risk sentiment lifted stock markets in Europe, denting bullion’s appeal.
–The dollar has been under pressure as cautious comments by Fed officials about a potential global slowdown raised doubts on the pace of interest rate hikes.
–Data showed weekly jobless claims rose to a more than four-month high and new orders for U.S.-made capital goods were unexpectedly flat in October.
Courtesy: Kedia Commodities
Source: Commodityonline.com
