Crude Oil market under fresh selling; Support seen at 2993
Gold market under fresh buying; Support seen at 31330
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 MCX Silver is getting support at 37364 and below same could see a test of 37187 levels and resistance is now likely to be seen at 37659, a move above could see prices testing 37777.
Silver on MCX settled up 0.76% at 37541 as the dollar slipped as investors turned focus to reports of political uncertainties in the U.S. Reports that President Trump suggested firing Federal Reserve Chair Jerome Powell, a move that could roil already volatile financial markets, provided some support for the safe-haven.
Last week, the U.S. central bank lifted rates for the fourth time this year and kept most of its guidance for additional hikes over the next two years, dashing investor hopes for a more dovish policy outlook.
Traders will continue to monitor political risks and watch developments in equity markets in the week ahead, after the failure by the U.S. Congress and President Donald Trump to agree to a spending bill by midnight Saturday resulted in a partial U.S. government shutdown.
Meanwhile, reports that President Trump suggested firing Federal Reserve Chair Jerome Powell, a move that could roil already volatile financial markets, will also be in focus.
Last week, the U.S. central bank lifted rates for the fourth time this year and kept most of its guidance for additional hikes over the next two years, dashing investor hopes for a more dovish policy outlook.
Elsewhere, on the data front, the U.S. will see a relatively quiet week in terms of economic releases, with reports on consumer confidence and the housing sector expected to draw the most attention.
Trading volumes are expected to remain light during the week due to the Christmas holiday as many traders already closed books before the end of the year.
Trading Ideas:
–Silver trading range for the day is 37187-37777.
–Silver prices rose as the dollar slipped as investors turned focus to reports of political uncertainties in the U.S.
–Reports that President Trump suggested firing Federal Reserve Chair Jerome Powell, a move that could roil already volatile financial markets, provided some support.
–Traders will continue to monitor political risks and watch developments in equity markets in the week ahead.
Courtesy: Kedia Commodities
Source: Commodityonline.com
