Natural Gas may trade in a range of 200.3-211.9
MCX Crude Palm Oil under fresh buying; Resistance seen at 576
MCX Crude Oil expected to trade between 3747-4003 levels
NCDEX Ref. Soya Oil under short covering
MCX Gold may trade in a range between 32743-33067
Technically now Silver is getting support at 40179 and below same could see a test of 40022 levels and resistance is now likely to be seen at 40484, a move above could see prices testing 40632.
Silver prices steadied as the dollar eased, with investors cautious about an escalation in U.S.-China trade tensions. The Federal Reserve held interest rates steady as expected, and sounded caution on the economy and future interest rate increases. The Fed said it would be patient in lifting borrowing costs further this year as it pointed to rising uncertainty about the US economic outlook.
It also said it would be prepared to use the full range of tools, including altering the size and composition of its balance sheet, if the economy needed more monetary accommodation, than could be achieved with rate cuts. Payrolls processor ADP reported that the US private sector added 213,000 jobs in January.
That beat forecasts for gains of 178,000, but the monthly total was lower than job gains of 271,000 in December. Germany’s headline consumer price inflation slowed more-than-expected to its lowest level in nearly a year in January, preliminary data from the Federal Statistical Office showed.
The consumer price index rose 1.4% year on year in January, after a 1.7% increase in December. British lawmakers rejected most amendments that aimed to keep Britain from leaving the European Union without a deal, reviving worries of a chaotic withdrawal from the trading bloc that would damage the UK economy.
The US conference Board consumer confidence for January came in weaker than expected at 120.2, versus the expectations of 124. The January number was at the lowest level since July 2017.
Trading Ideas:
–Silver trading range for the day is 40022-40632.
–Silver prices steadied as the dollar eased, with investors cautious about an escalation in U.S.-China trade tensions.
–The Federal Reserve held interest rates steady as expected, and sounded caution on the economy and future interest rate increases.
–The United States and China launch a critical round of trade talks amid deep differences that will make it difficult to reach a deal before a March 2 U.S. tariff hike.
Courtesy: Kedia Commodities
Source: Commodityonline.com
