MCX Crude Oil may trade in a range between 3488-4044
Gold market under fresh buying; Support seen at 31073
MCX Cotton under fresh buying; Resistance seen at 22050
NCDEX Chana under fresh selling; Support seen at 4585
MCX Zinc under long liquidation
Technically now Silver is getting support at 37436 and below same could see a test of 36900 levels and resistance is now likely to be seen at 38254, a move above could see prices testing 38536.
Silver on MCX settled up 2.03% at 37972 as the dollar slid following weaker-than-expected U.S. jobs data, which added to expectations the U.S. Federal Reserve may go slow on interest rate hikes next year. Prices seen supported as the dollar has been under pressure as an inversion in part of the US yield curve raised a red flag for a potential recession.
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. The Labor Department’s closely watched monthly employment report came against a backdrop of a steep sell-off on Wall Street and a partial inversion of the U.S. yield curve, which have stoked fears of a recession.
Nonfarm payrolls increased by 155,000 jobs last month, with construction companies hiring the fewest workers in eight months, likely because of unseasonably chilly temperatures. Some of the moderation in hiring in November could be the result of a shortage of qualified workers. Data for September and October were revised to show 12,000 fewer jobs added than previously reported.
Average hourly earnings rose six cents, or 0.2 percent in November after gaining 0.1 percent in October. That left the annual increase in wages at 3.1 percent, matching October’s jump, which was the biggest gain since April 2009. The US 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.
Trading Ideas:
–Silver trading range for the day is 36900-38536.
–Silver gained as the dollar slid following weaker-than-expected U.S. jobs data, which added to expectations the Fed may go slow on interest rate hikes next year.
–Prices seen supported as the dollar has been under pressure as an inversion in part of the US yield curve raised a red flag for a potential recession.
–U.S. job growth slowed in November and monthly wages increased less than expected, suggesting some moderation in economic activity.
Courtesy: Kedia Commodities
Source: Commodityonline.com
