Natural Gas market under short covering; Support seen at 227.8
Crude Oil market under fresh selling; Support seen at 3580
Gold market under short covering; Support seen at 32004
MCX Aluminium likely to move in a range of 126.5-130.7
MCX Mentha Oil under fresh selling; Support seen at 1567.4
Technically Silver market is under fresh buying as market has witnessed gain in open interest by 5.13% to settle at 17467.
Now MCX Silver is getting support at 39358 and below same could see a test of 39164 levels and resistance is now likely to be seen at 39667, a move above could see prices testing 39782.
Silver on MCX settled up 0.55% at 39552, as bond yields drop amid souring sentiment after news that media giant Viacom plans to divest from China. The greenback’s outlook remained bleak amid cautious signals from the US Federal Reserve about further rate hikes.
UK Prime Minister Theresa May must win a vote in parliament to get her Brexit deal approved or risk a chaotic exit for Britain from the European Union. The numbers are not in May’s favour and her chances of winning the vote look extremely slim.
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Meanwhile, investors were also worried about a partial U.S. government shutdown over President Donald Trump’s demand for $5.7 billion to build a wall along the U.S.-Mexico border, which entered its 24th day, making it the longest shuttering of federal agencies in the U.S. history, with no end in sight.
Global investors ploughed money back into stocks and bonds this week as they regained their appetite for risk, boosted by dovish comments from Federal Reserve Chairman Jerome Powell. A sharp fall in prices of gas lowered the US consumer price index (CPI) for the first time in nine months in December. Underlying inflation pressures remained firm as rental housing and healthcare costs rose steadily.
The Labor Department said that its CPI dipped 0.1% month on month in December, the first drop and weakest reading since March. The CPI remained unchanged in November. On a yearly basis, the CPI rose 1.9% after it gained 2.2% in November.
Trading Ideas:
–Silver trading range for the day is 39164-39782.
–Silver gained as bond yields drop amid souring sentiment after news that media giant Viacom plans to divest from China.
–The greenback’s outlook remained bleak amid cautious signals from the US Federal Reserve about further rate hikes.
–UK Prime Minister Theresa May must win a vote in parliament to get her Brexit deal approved or risk a chaotic exit for Britain from the European Union.
Courtesy: Kedia Commodities
Source: Commodityonline.com
