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
Technically MCX Silver market is under short covering as market has witnessed drop in open interest by 15.49% to settled at 14971.
Now MCX Silver is getting support at 35797 and below same could see a test of 35470 level, And resistance is now likely to be seen at 36358, a move above could see prices testing 36592.
Silver on MCX settled up 0.98% at 36124 as the US dollar dipped from two-week highs after Federal Reserve Chairman Jerome Powell described US interest rates as “just below” the neutral rate.
Fed Chief Jerome Powell’s speech on “The Federal Reserve’s Framework for Monitoring Financial Stability” at the New York Economic Club gave Wall Street just the tonic needed for a mid-week bump.
Powell said the Fed’s “gradual pace of raising interest rates has been an exercise in balancing risks,” but added “there is no preset policy path.” That sent a dovish signal on the dollar that the central bank will do the much-anticipated fourth rate hike of 2018 in December, then hold off for 2019 depending on how well the U.S. economy performs.
Aside from its chairman’s speech, the central bank will also publish on Thursday minutes of its November policy meeting, another Fed diary item that will be parsed carefully for language indicative of 2019 rate hikes.
Volatility across financial markets has picked up ahead of the G20 on speculation whether President Donald Trump and his Chinese counterpart Xi Jinping will be able to strike a deal to end more than six months of bitter trade acrimony.
Trump, in an interview with The Wall Street Journal on Monday, said it was “highly unlikely” he would accept Beijing’s request to hold off on Washington’s plans to boost tariffs to 25% on some $200 billion of Chinese goods, due from Jan. 1.
Trading Ideas:
–Silver trading range for the day is 35470-36592.
–Silver gained as the US dollar dipped from two-week highs after Federal Reserve Chairman Jerome Powell described US interest rates as “just below” the neutral rate.
–Fed’s Chairperson Powell said the “gradual pace of raising interest rates has been an exercise in balancing risks,” but added “there is no preset policy path.”
–U.S. President Donald Trump is prepared to hike tariffs on Chinese imports if there is no breakthrough on longstanding trade dispute with Chinese leader Xi Jinping.
Courtesy: Kedia Commodities
Source: Commodityonline.com
