MCX Zinc likely to move in a range of 190.2-200.4
MCX Copper likely to move in a range of 444.2-453.8
MCX Natural Gas may trade in a range between 188.1-197.7
MCX Nickel under long liquidation; Resistance seen at 945.9
MCX Aluminium likely to move in a range of 134.6-139.6
Technically Gold market is under long liquidation as market has witnessed drop in open interest by 2.21% to settled at 17489 while prices down 40 rupees.
Now MCX Gold is getting support at 33265 and below same could see a test of 33202 levels and resistance is now likely to be seen at 33418, a move above could see prices testing 33508.
Gold on MCX settled down 0.12% at 33327 on a firmer dollar as investors waited for signs of resolution in U.S.-China trade talks, while keeping an eye on the Federal Reserve’s monetary policy.
Trump spoke in the chamber of the House of Representatives facing political discord over his demands that Democrats end their opposition to funding for a border wall he says is needed to stem illegal immigration and smuggled drugs.
Dallas Federal Reserve President Robert Kaplan said that the Fed should leave interest rates where they are until the U.S. economic outlook is clearer, a process that in his view could take several more months. The U.S. central bank last week promised to be “patient” in rate moves due to impending slowdown and uncertain trade backdrop.
While Trump’s address did not have anything significant on U.S-China trade front, senior U.S. and Chinese officials are poised to start another round of trade talks in Beijing next week. Trump has vowed to increase tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent currently if the two sides cannot reach a deal.
Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.18 percent on Tuesday. Holdings have dropped for three straight sessions. The Perth Mint’s January sales of gold products rose nearly 7 percent from the previous month, the mint said.
Trading Ideas:
–Gold trading range for the day is 33202-33508.
–Gold dropped on a firmer dollar as investors waited for signs of resolution in U.S.-China trade talks, while keeping an eye on the Fed’s monetary policy.
–Fed’s Robert Kaplan said that the Fed should leave interest rates where they are until the U.S. economic outlook is clearer.
–The U.S. central bank last week promised to be “patient” in rate moves due to impending slowdown and uncertain trade backdrop.
Courtesy: Kedia Commodities
Source: Commodityonline.com
