MCX Mentha Oil likely to trade in a range of 1672.1-1715.7
MCX Aluminium may trade between 134.3-137.3 levels
MCX Nickel may move in a range of 747.3-772.5
MCX Zinc likely to move in a range of 172.2-185
MCX Copper likely to move in a range of 421.1-442.5
Now MCX Gold is getting support at 30264 and below same could see a test of 30093 level, And resistance is now likely to be seen at 30592, a move above could see prices testing 30749.
Gold prices rose as the U.S. dollar tumbled after Federal Reserve Chairman Jerome Powell indicated that interest rates were near normal, soothing investor worries over the pace of rate hikes.
Powell said that while there was “a great deal to like” about U.S. prospects, the Fed’s gradual interest-rate hikes are meant to balance economic risks. He added that interest rates were ‘just below’ neutral estimates.
While there was “a great deal to like” about U.S. prospects, the bank’s gradual interest-rate hikes are meant to balance risks as it tries to keep the economy on track, Powell said. Bullion has largely lost out to the dollar as a safe haven asset this year as the U.S.-China trade war unfolded against a backdrop of rising U.S. interest rates.
Investors will watch for the minutes from the Fed’s Nov. 7-8 meeting, due on Thursday, for clues to policy in 2019. The Fed has raised rates three times this year. Later this week, U.S. President Donald Trump is likely to meet his Chinese counterpart on the sidelines of the G20 meeting to discuss trade.
Bullion has largely lost out to the dollar as a safe haven asset this year as the U.S.-China trade war unfolded while U.S. interest rates rose. 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.
Trading Ideas:
–Gold trading range for the day is 30093-30749.
–Gold prices rose as the U.S. dollar tumbled after Fed Chairman Powell indicated that interest rates were near normal, soothing investor worries over the pace of rate hikes.
–Powell said that while there was “a great deal to like” about U.S. prospects, the Fed’s gradual interest-rate hikes are meant to balance economic risks.
–Fed Vice Chair Clarida the central bank should continue to gradually raise interest rates, but it was “especially important” to monitor economic data.
Courtesy: Kedia Commodities
Source: Commodityonline.com
