Crude Oil market under fresh selling; Support seen at 2993
MCX Silver may trade in a range between 37187-37777
NCDEX Jeera under long liquidation; Support seen at 16970
Long liquidation seen in NCDEX Turmeric
NCDEX Mustard Seed likely to move in a range of 3861-3995
Technically Gold market is under fresh buying as market has witnessed gain in open interest by 0.78% to settled at 12456 while prices up 267 rupees.
Now MCX Gold is getting support at 31330 and below same could see a test of 31200 levels and resistance is now likely to be seen at 31530, a move above could see prices testing 31600.
Gold on MCX settled up 0.86% at 31460 with investor appetite for risk curbed by worries over a partial U.S. government shutdown, Sino-U.S. trade tensions and faltering global economic growth.
The U.S. economy slowed slightly more than previously estimated in the third quarter and momentum appears to have moderated further in the fourth quarter, with new orders and shipments of manufactured capital goods falling in November.
The partial U.S. government shutdown was almost certain to drag through the Christmas holiday after the Senate adjourned on Saturday without breaking an impasse over President Donald Trump’s demand for more funds for a border wall.
Trump has privately discussed the possibility of firing Federal Reserve Chairman Jerome Powell, a move that could roil already volatile financial markets, two sources familiar with situation said.
China and the United States held a vice ministerial-level call on Friday, the second such contact in a week, achieving a “deep exchange of views” on trade imbalances and the protection of intellectual property, the Chinese Ministry of Commerce said.
The Italian government won a gruelling vote of confidence on its 2019 budget in the upper house in the early hours of Sunday, as it races to get the package approved before a year-end deadline.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.46 percent to 772.67 tonnes on Friday from 769.14 tonnes on Thursday.
Trading Ideas:
–Gold trading range for the day is 31200-31600.
–Gold climbed amid worries over a partial U.S. government shutdown, Sino-U.S. trade tensions and faltering global economic growth.
–The U.S. economy slowed slightly more than previously estimated in the third quarter and momentum appears to have moderated further in the fourth quarter.
–Fed’s Chairman Powell had said last week that policymakers would be “patient” in determining future rate hikes amid expectations the U.S. economy will slow next year.
Courtesy: Kedia Commodities
Source: Commodityonline.com
