MCX Silver likely to move in a range of 35427-36367
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 Gold is getting support at 30302 and below same could see a test of 30201 level, And resistance is now likely to be seen at 30567, a move above could see prices testing 30731.
Gold on MCX settled down 0.47% at 30402 as the dollar rallied after comments from U.S. Federal Reserve Vice Chair Richard Clarida bolstered expectations that the central bank would continue raising interest rates.
The dollar gained after Clarida said the central bank should continue to gradually raise interest rates, but it was “especially important” to monitor economic data as monetary policy was getting close to a neutral stance.
In a separate interview, St. Louis Fed President James Bullard said the central bank may face a year of difficult decisions, with rates still low by historic standards but growth ebbing. Meanwhile, investors are also “jockeying for position” going into the G20 summit, said Michael Matousek, head trader at U.S.
Global Investors. Ahead of a meeting with Chinese President Xi Jinping at the summit in Argentina this week, U.S. President Donald Trump said that he was “highly unlikely” to accept China’s request to hold off from raising tariffs due to take effect on Jan. 1.
The dollar has been the preferred safe haven this year as the U.S.-China trade war unfolded, thereby denting the appeal of bullion.
China’s net gold imports in October via main conduit Hong Kong more than doubled from a more than seven-year low touched the previous month as lower prices revived demand in the world’s top consumer of bullion.
Investors also awaited the minutes from the U.S. Fed’s meeting on Nov. 7-8 for indications on the future path of rate hikes in 2019, while Fed Chairman Jerome Powell is due to speak on Wednesday.
Trading Ideas:
–Gold trading range for the day is 30201-30731.
–Gold fell as the dollar rallied after comments from Fed’s Vice Chair Clarida bolstered expectations that the central bank would continue raising interest rates.
–U.S. President Donald Trump seemed to quash hopes of a trade truce with China, dampening risk appetite across the region.
–China’s net gold imports in October via main conduit Hong Kong more than doubled from a more than seven-year low touched the previous month.
Courtesy: Kedia Commodities
Source: Commodityonline.com
