Mentha Oil market under fresh selling; Support seen at 1599.4
MCX Aluminium under fresh buying; Support seen at 130.7
MCX Nickel may trade in a range between 848.1-901.3
Zinc market under fresh buying; Support seen at 186.2
Copper market under short covering; Support seen at 436.2
Technically MCX Gold is getting support at 33212 and below same could see a test of 33041 levels and resistance is now likely to be seen at 33482, a move above could see prices testing 33581.
Gold on MCX settled up 0.92% at 33384 after weak U.S. economic data compounded concern over a global slowdown and dialled down the chances of the U.S. Federal Reserve raising interest rates this year.
Prices also seen supported after weak U.S. retail sales data, along with soft inflation numbers, added to disquiet about slowing growth, which could allow the Fed to hold interest rates steady for a while. The disappointing U.S. data followed a spate of weak economic reports from China and Europe.
This helped gold to hold its ground amid a slight rebound in the dollar, which stayed close to a two-month peak against a basket of currencies, with the market awaiting developments in trade talks between Washington and Beijing.
Also offering limited support to bullion was the continuing uncertainty surrounding Brexit, with increasing expectations that Britain could leave the European Union next month without a deal. A rally in domestic prices curtailed physical gold demand in India and Japan, with interest in the precious metal lacklustre in other Asian centres as markets gradually return from the Lunar New Year holidays.
Dealers in India were offering a discount of up to $5 an ounce over official domestic prices this week, up from a discount of $1.5 last week. Demand in Japan also remained weak as local gold prices surged, with the metal being sold at a discount of 50 cents to the global spot price.
In top consumer China, premiums dropped to $7-$10 an ounce over the benchmark from the $10-$12 charged in the week ending February 1.
Trading Ideas:
–Gold trading range for the day is 33041-33581.
–Gold rose after weak U.S. economic data compounded concern over a global slowdown and dialled down the chances of the Fed raising interest rates this year.
–Prices also seen supported after weak U.S. retail sales data, along with soft inflation numbers.
–A rally in domestic prices curtailed physical gold demand in India and Japan, with interest in the precious metal lacklustre in other Asian centres.
Courtesy: Kedia Commodities
Source: Commodityonline.com
