MCX Natural Gas may trade in a range between 185.8-195.2
Crude Oil market under long liquidation; Support seen at 4032
MCX Zinc under long liquidation; Support seen at 190.5
MCX Silver may trade in a range between 39851-40713
MCX Copper likely to move in a range of 451.8-459.2
Technically Gold market is under fresh buying as market has witnessed gain in open interest by 3.99% to settle at 15100.
Now Gold is getting support at 33378 and below same could see a test of 33239 levels and resistance is now likely to be seen at 33608, a move above could see prices testing 33699.
Gold on MCX settled up 0.2% at 33517 as sluggish U.S. economic data stoked worries about a global slowdown and investors awaited signals on U.S.-China trade talks. Data showed new orders for key U.S.-made capital goods unexpectedly fell in December, revived some market expectations that the central bank would halt the 2019 rate hike cycle.
Dovish signals from U.S. Federal Open Market Committee officials for the shorter term have kept global equities steady whilst applying bearish pressures on the non-interest bearing asset.
Markets were looking for further indications of progress on trade talks with U.S. and Chinese negotiators resuming high-level talks to hash out a deal that could end their trade war, just over a week before a U.S.-imposed deadline.
The United States and China have started to outline commitments in principle on the stickiest issues in their trade dispute, marking the most significant progress yet toward ending a seven-month trade war, according to sources familiar with the negotiations.
The number of Americans filing applications for unemployment benefits fell last week, but the four-week moving average rose to a more than one-year high, suggesting the labor market was slowing down. Physical gold demand in Japan slackened in the week as prices rallied, while a market correction towards the latter half of the week lured some buyers back in India and Singapore.
In India, dealers were offering a discount of up to $1 an ounce to official domestic prices, down from $6, and compared with last week’s $5 discount range.
Trading Ideas:
–Gold trading range for the day is 33239-33699.
–Gold steadied as sluggish U.S. economic data stoked worries about a global slowdown and investors awaited signals on U.S.-China trade talks.
–New orders for key U.S.-made capital goods unexpectedly fell in December, revived some market expectations that the central bank would halt the 2019 rate hike cycle.
–The United States and China have started to outline commitments in principle on the stickiest issues in their trade dispute.
Courtesy: Kedia Commodities
Source: Commodityonline.com
