MCX Gold may trade between 30201-30731 levels
MCX Crude Oil under long liquidation
MCX Natural Gas may move in a range of 289.3-314.5
MCX Copper may trade between 419.9-432.7 levels
MCX Zinc likely to move in a range of 174.5-178.5
Technically MCX Silver is getting support at 35599 and below same could see a test of 35427 level, And resistance is now likely to be seen at 36069, a move above could see prices testing 36367.
Silver prices dropped as the U.S. dollar firm as a senior Federal Reserve official reaffirmed the need for further rate increases.
The Fed should be even more attentive to new economic data as its gradual interest rate hikes edge it ever closer to a neutral stance, the U.S. central bank’s second-in-command said U.S.
President Donald Trump kept up his criticism of Fed Chairman Jerome Powell, saying rising interest rates and other Fed policies were damaging the U.S. economy, the Washington Post said. U.S. President Donald Trump seemed to quash hopes of a trade truce with China, dampening risk appetite across the region.
Trump said he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from the current 10 percent and repeated his threat to slap tariffs on all remaining imports from China.
Prime Minister Theresa May warned that Britain would be thrust into the unknown if parliament rejects the Brexit deal she has negotiated with the European Union, as lawmakers from all sides lined up to criticise the agreement.
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.
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 on Monday.
Trading Ideas:
–Silver trading range for the day is 35427-36367.
–Silver prices dropped as the U.S. dollar firm as a senior Federal Reserve official reaffirmed the need for further rate increases.
–US President Trump said he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from the current 10 percent.
–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.
Courtesy: Kedia Commodities
Source: Commodityonline.com
