MCX Crude Oil may trade in a range between 3488-4044
MCX Silver may trade in a range between 36900-38536
MCX Cotton under fresh buying; Resistance seen at 22050
NCDEX Chana under fresh selling; Support seen at 4585
MCX Zinc under long liquidation
Technically Gold market is under fresh buying as market has witnessed gain in open interest by 12.26% to settled at 14676 while prices up 506 rupees.
Now MCX Gold is getting support at 31073 and below same could see a test of 30550 levels and resistance is now likely to be seen at 32070, a move above could see prices testing 32544.
Gold on MCX settled up 1.63% at 31595 as dollar erased gains after data showed U.S. job growth slowed in November and monthly wages increased less than expected, suggesting some moderation in economic activity that could support expectations of fewer interest rate increases from the Federal Reserve in 2019.
Fed policymakers are still widely expected to raise interest rates again at their Dec. 18-19 meeting, but the market focus is on how many rate hikes will follow in 2019. Interest rate futures implied traders see no more than one rate increase from the Fed in 2019, compared with expectations a month earlier for possibly two rate hikes.
Data showed the U.S. trade deficit jumped to a 10-year high in October as soybean exports dropped further and imports of consumer goods rose to a record high, suggesting the Trump administration’s tariff-related measures to shrink the trade gap likely have been ineffective. Gold was sold at a discount in India for the first time in a month as a rebound in local prices prompted jewellers to postpone purchases, while demand improved in top consumer China due to seasonal buying.
Dealers in India were offering a discount of up to $1.5 an ounce over official domestic prices this week, compared to a premium of $2 in the previous week. Gold is considered an essential part of weddings in India, the world’s second-biggest consumer after China, and it is a popular gift for special occasions.
Trading Ideas:
–Gold trading range for the day is 30550-32544.
–Gold gained as dollar erased gains after data showed U.S. job growth slowed in November and monthly wages increased less than expected.
–Fed policymakers are still widely expected to raise interest rates again at their Dec. 18-19 meeting, but the market focus is on how many rate hikes will follow in 2019.
–Data showed the U.S. trade deficit jumped to a 10-year high in October as soybean exports dropped further and imports of consumer goods rose to a record high.
Courtesy: Kedia Commodities
Source: Commodityonline.com
