MCX Crude Oil under long liquidation; Support seen at 3674
Silver market is under long liquidation; Support seen at 38054
NCDEX Turmeric under fresh selling; Resistance seen at 6606
NCDEX Mustard Seed under fresh selling; Support Seen at 3971
MCX Crude Palm Oil under long liquidation
Technically now Gold is getting support at 31788 and below same could see a test of 31640 levels and resistance is now likely to be seen at 32036, a move above could see prices testing 32136.
Gold prices steadied as expectations that the U.S. Federal Reserve may slow its interest rate hike trajectory next year weighed on the dollar and stoked interest in bullion.
The dollar held near a one-month high supported by a rebound in U.S. yields and weakness of the pound as its battering from uncertainty about Brexit continued.
China has agreed to cut tariffs on U.S.-built cars and auto parts to 15 percent from the current 40 percent, a Trump administration official said on Tuesday, setting the stage for new talks aimed at easing the bitter trade war between the world’s two largest economies.
U.S. producer prices unexpectedly rose in November as increases in the costs for services offset a sharp decline for energy products, but the overall momentum in wholesale inflation appears to be slowing.
The U.S. Federal Reserve is widely expected to raise rates at its Dec. 18-19 meeting, but the market is focusing on how much further it might raise rates next year. Based on prices of Fed fund futures, traders now see a 73 percent chance of a rate hike next week, and just a 49 percent chance of a further rate hike by the end of next year.
Meanwhile, investors also kept a close eye on developments surrounding Britain’s departure from the European Union after Britain’s prime minister postponed a vote on her deal.
Meanwhile, hedge funds and money managers trimmed their net short positions in Comex gold contracts in the week to Dec. 4, data showed.
Trading Ideas:
–Gold trading range for the day is 31640-32136.
–Gold firmed as expectations that the U.S. Federal Reserve may slow its interest rate hike trajectory next year weighed on the dollar and stoked interest in bullion.
–U.S. producer prices unexpectedly rose in November as increases in the costs for services offset a sharp decline for energy products.
–The Fed is widely expected to raise rates at its Dec. 18-19 meeting, but the market is focusing on how much further it might raise rates next year.
Courtesy: Kedia Commodities
Source: Commodityonline.com
