MCX Natural Gas likely to trade between 183.8-192.6
MCX Nickel under fresh buying; Resistance seen at 878.8
Crude Oil market under fresh buying; Support seen at 3960
MCX Aluminium likely to move in a range of 129.5-132.7
MCX Mentha Oil under fresh buying; Resistance seen at 1695.5
Technically MCX Silver is getting support at 40070 and below same could see a test of 39969 levels and resistance is now likely to be seen at 40282, a move above could see prices testing 40393.
Silver on MCX settled up 0.52% at 40170 as the dollar dropped as the prospects of a Sino-U.S. trade deal improved investors’ appetite for riskier assets. U.S.-China trade talks will continue in Washington this week after the two sides wrapped up the last discussions in Beijing last week.
Both the U.S. and China reported progress in the latest trade negotiations, although U.S. President Donald Trump said on Friday that the talks were “very complicated”.
Meanwhile, the Federal Reserve is due to publish the minutes of its January meeting on Wednesday where it has kept rates on hold and surprised markets by shifting to a more dovish stance on future rate hikes, citing subdued inflation and rising risks to global economic growth.
San Francisco Fed President Mary Daly suggested the central bank may hold off on raising interest rates in 2019. The U.S. currency posted the second week of losses and is down 1.7% year to date. GFMS, silver jewellery consumption in India had increased by 20% in the fourth quarter of 2018.
This trend has continued further as India’s latest trade data showed that the Silver import also jumped 127% to Rs 2529 crore in January 2019. Market watchers will be looking ahead to Thursday’s durable goods report for an update on the health of the manufacturing sector, while a report on existing home sales the same day will give fresh insight into the housing sector, which lost momentum late last year amid higher interest rates and property prices.
Trading Ideas:
–Silver trading range for the day is 39969-40393.
–Silver gained as the dollar dropped as the prospects of a Sino-U.S. trade deal improved investors’ appetite for riskier assets.
–U.S.-China trade talks will continue in Washington this week after the two sides wrapped up the last discussions in Beijing last week.
–U.S. and China reported progress in the latest trade negotiations, although U.S. President Donald Trump said on Friday that the talks were “very complicated”.
Courtesy: Kedia Commodities
Source: Commodityonline.com
