Zinc market under long liquidation; Support seen at 186.4
MCX Copper may trade between 410.6-423.8 levels
Natural Gas market under short covering; Support seen at 216.2
Crude Oil market under fresh buying; Support seen at 3733
MCX Gold likely to trade in a range between 31878-32218
Technically MCX Silver market is under fresh selling as market has witnessed gain in open interest by 0.08% to settled at 15624 while prices down -216 rupees.
Now MCX Silver is getting support at 38768 and below same could see a test of 38654 levels and resistance is now likely to be seen at 39068, a move above could see prices testing 39254.
Silver prices dropped as a firmer dollar dulled the appeal of the metal despite of uncertainties surrounding a government shutdown in the United States and its trade relations with China.
European Central Bank President Mario Draghi warned on downbeat economic growth. “The risks surrounding the euro area growth outlook have moved to the downside on account of the persistence of uncertainties,” Draghi told, citing trade and geopolitical threats and emerging market volatility.
The US Senate blocked duelling bills to fund the government, leaving no clear path to ending the longest government shutdown in US history. German manufacturing activity in January contracted at the fastest in over four years, according to Markit’s survey data released January 24, underlining worries that the eurozone’s largest economy may be losing steam.
The European Central Bank decides to keep key interest rates unchanged in its first monetary policy meeting of the year. The eurozone marginal lending rate came in at 0.25%, main refinancing rate at zero, and the deposit rate at -0.4%.
The number of Americans filing applications for unemployment benefits fell to more than a 49-year low last week, but the drop likely overstates the health of the labour market as claims for several states including California were estimated.
Initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 199,000 for the week ended January 19, the lowest level since mid-November in 1969 when 197,000 applications were recorded, the Labor Department said.
Trading Ideas:
–Silver trading range for the day is 38654-39254.
–Silver dropped as firmer dollar dulled the demand despite of uncertainties surrounding a government shutdown in the United States and its trade relations with China.
–Data revealed that the weekly number of Americans applying for unemployment benefits fell below 200,000 for the first time since 1969.
–The U.S. economy could register zero growth in the first three months of 2019 if the partial government shutdown lasts the whole quarter.
Courtesy: Kedia Commodities
Source: Commodityonline.com
