MCX Copper likely to move in a range of 428.6-438.8
MCX Natural Gas may trade between 304-334.4 levels
MCX Crude Oil under fresh selling; Support seen at 3491
MCX Silver under fresh selling; Resistance seen at 36435
MCX Copper likely to trade in a range between 421-435.8
Technically Gold market is under fresh selling as market has witnessed gain in open interest by 48.17% to settled at 11710.
Now MCX Gold is getting support at 30142 and below same could see a test of 30041 level, And resistance is now likely to be seen at 30382, a move above could see prices testing 30521.
Gold on MCX settled down 0.41% at 30244 as the dollar firmed ahead of an expected meeting between U.S. President Donald Trump and China’s President Xi Jinping at the G20 summit.
Comments by the Federal Reserve chief were seen as a signal that a rising trend in interest rates may end, and this also supported the greenback.
The US weekly jobless claims increased to a six-month high last week, which raised concerns that the labour market could be slowing.
Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 234,000 for the week ended November 24, the highest level since mid-May, the Labor Department said.
Physical gold demand in the world’s second biggest bullion consumer India got a fillip from a slide in local rates due to gains in the rupee, while buying was steady in other top Asian hubs. After decent sales during the Diwali festival, jewellers have been replenishing inventories for the wedding season.
Dealers in India were charging a premium of up to $2 an ounce over official domestic prices, unchanged from the last week.
In China, premiums of $6-$7 an ounce were charged over the benchmark, versus $4-$6 last week, while in Hong Kong, premiums were quoted at $0.90-$1.50, against the previous week’s $0.70-$1.50 range, with steady demand in the region.
Fed funds futures are pricing in a 78.6% probability of a hike in December followed by a 39.8% chance of a subsequent one in March 2019.
Trading Ideas:
–Gold trading range for the day is 30041-30521.
–Gold edged lower as the dollar firmed ahead of an expected meeting between U.S. President Donald Trump and China’s President Xi Jinping at the G20 summit.
–Comments by the Federal Reserve chief were seen as a signal that a rising trend in interest rates may end, and this also supported the greenback.
–Fed funds futures are pricing in a 78.6% probability of a hike in December followed by a 39.8% chance of a subsequent one in March 2019
Courtesy: Kedia Commodities
Source: Commodityonline.com
