NCDEX Soyabean under fresh buying; Resistance seen at 3526
NCDEX Ref.Soya Oil likely to trade in range between 729-745
MCX Crude Palm Oil under short covering; Support seen at 531.2
NCDEX Mustard Seed may trade in range between 3873-3965
NCDEX Turmeric under short covering; Resistance seen at 6676
Technically MCX Gold is getting support at 31478 and below same could see a test of 31308 levels and resistance is now likely to be seen at 31788, a move above could see prices testing 31928.
Gold on MCX settled up 0.61% at 31648 helped by a weaker dollar on expectations that the U.S. Federal Reserve might apply brakes on its monetary tightening cycle in 2019, although an improved risk appetite limited gains for the safe haven metal.
U.S. Fed chairman Jerome Powell said that he was aware of the risks related to an economic slowdown and would be patient and flexible in policy decisions this year. Investors had expected the Fed to stay on its tightening path after three hikes last year, but the ongoing trade war and recent disappointing corporate earnings have put those expectations to rest.
A relief rally in Asian equities triggered by the Fed’s dovish stance and strong U.S. jobs data limited the yellow metal’s upward momentum. An upbeat U.S. non-farm payrolls report showed 312,000 net new jobs were created in December, while wages rose at a brisk annual pace of 3.2 percent.
U.S. President Donald Trump said on Friday that China’s weakening economic growth puts the United States in a strong position as negotiators, increasing investors optimism for a probable trade deal between the world’s two largest economies.
The data showed that, SPDR Gold Trust, increased its position by 2.94 tons last Friday, bringing its total position to 798.25 tons, approaching the 800-ton integer mark. China gold reserves rose to 59.560 million fine troy ounces at end-December, the first increase since October 2016, central bank data showed on Monday.
The country’s gold reserves had been steady at 59.240 million fine troy ounces from October 2016 to November 2018, according to data from the People’s Bank of China.
Trading Ideas:
–Gold trading range for the day is 31308-31928.
–Gold rose helped by a weaker dollar on expectations that the U.S. Federal Reserve might apply brakes on its monetary tightening cycle in 2019.
–U.S. Fed chairman Powell said that he was aware of the risks related to an economic slowdown and would be patient and flexible in policy decisions this year.
–China gold reserves rose to 59.560 million fine troy ounces at end-December, the first increase since October 2016, central bank data showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
