MCX Gold may trade in a range between 30335-30767
NCDEX Mustard Seed likely to trade in range between 3994-4142
MCX Crude Palm Oil under long liquidation; Support seen at 488
NCDEX Ref.Soya Oil under long liquidation; Resistance seen at 725
NCDEX Soyabean under long liquidation
Technically MCX Silver is getting support at 35868 and below same could see a test of 35712 levels and resistance is now likely to be seen at 36312, a move above could see prices testing 36600.
Silver prices steadied as market watchers are keeping an eye on the Fed’s policy outlook ahead of high-level U.S.-China trade talks on Friday.
European Union leaders finally sealed a Brexit deal, saying the package agreed with PM May was the best Britain will get in a warning to the British parliament not to reject it. China urged the WTO to close loopholes and correct practices by some member states that damage global trade, warning of a “profound crisis” facing the institution’s existence.
The Italian government said it was sticking to its main 2019 budget goals for now, as it awaits a cost analysis of its main spending measures, but left open the possibility of eventually cutting its deficit target. The euro zone has lost some growth momentum but this was mostly normal and not enough to derail plans by the European Central Bank to dial back stimulus further, ECB President Mario Draghi and two of his top lieutenants said.
Hedge funds and money managers cut their net short positions in Comex gold and silver contracts in the week to Nov. 20, the U.S. Commodity Futures Trading Commission (CFTC) said. Speculators increased their net short position in silver by 18,512 lots to 38,846 lots, CFTC said, to the highest net short position in five weeks.
Fed Chairman Jerome Powell is due to speak on Wednesday on “The Federal Reserve’s Framework for Monitoring Financial Stability” at the New York Economic Club. The central bank will be issuing minutes of its Nov. 7-8 meeting the following day.
Trading Ideas:
–Silver trading range for the day is 35712-36600.
–Silver prices steadied as market watchers are keeping an eye on the Fed’s policy outlook ahead of high-level U.S.-China trade talks on Friday.
–European Union leaders finally sealed a Brexit deal, saying the package agreed with PM May was the best Britain will get in a warning to the British parliament not to reject it.
–China urged the WTO to close loopholes and correct practices by some member states that damage global trade, warning of a “profound crisis” facing the institution’s existence.
Courtesy: Kedia Commodities
Source: Commodityonline.com
