MCX Crude Oil may trade in a range between 3639-3941
Gold market under short covering; Support seen at 32651
NCDEX Chana under long liquidation
MCX Cotton under fresh selling; Resistance seen at 20960
MCX Mentha Oil expected to trade in a range between 1489.6-1561.4
Technically now Silver is getting support at 40001 and below same could see a test of 39735 levels and resistance is now likely to be seen at 40437, a move above could see prices testing 40607.
Silver on MCX settled up 0.83% at 40266 as the dollar weakened ahead of a two-day U.S. Federal Reserve meeting, which will likely keep interest rates steady, and on worries over a rise in Sino-U.S. trade tensions.
Investors are focusing on the Fed’s two-day policy meeting, starting later in the day, when the U.S. central bank is expected to leave interest rates unchanged. Some U.S. central bank officials have said they will be patient in raising rates given the stalemate over global trade, the U.S. federal government shutdown, and waning business and consumer confidence.
The United States charged China’s Huawei Technologies Co Ltd, its chief financial officer and two affiliates with bank and wire fraud to violate sanctions against Iran in a case that has escalated tensions with Beijing.
The rally came as the dollar continued to sink on bets that Federal Reserve Chairman Jerome Powell might sound another dovish note in his Wednesday news conference after the central bank’s monthly meeting, where the Fed is widely expected to hold interest rates steady.
The Fed raised rates four times last year. Since then, Powell has indicated a willingness to be “patient” with monetary tightening, saying it will be based more on economic performance as a whole rather than just inflation. Investors in precious metals are also awaiting the outcome of U.S.-Sino trade talks, which resumes in Washington this week ahead of a March 1 deadline for a deal that would avert further U.S. tariffs on Chinese exports to America.
Trading Ideas:
–Silver trading range for the day is 39735-40607.
–Silver edged up as the dollar weakened ahead of a two-day U.S. Federal Reserve meeting, which will likely keep interest rates steady.
–Some U.S. central bank officials have said they will be patient in raising rates given the stalemate over global trade and the U.S. federal government shutdown.
–The rally came as the dollar continued to sink on bets that Fed Chairman Powell might sound another dovish note in his news conference.
Courtesy: Kedia Commodities
Source: Commodityonline.com
