Crude Oil market under fresh buying; Support seen at 3966
Silver market under fresh selling; Support seen at 38266
MCX Natural Gas under fresh buying; Support seen at 201.5
MCX Copper under fresh buying; Resistance seen at 462.3
MCX Zinc under fresh buying; Support seen at 196.3
Technically Gold market is under long liquidation as market has witnessed drop in open interest by 1.81% to settle at 11862 while prices down 287 rupees.
Now MCX Gold is getting support at 31960 and below same could see a test of 31836 levels and resistance is now likely to be seen at 32318, a move above could see prices testing 32552.
Gold on MCX settled down 0.89% at 32083 amid firmer dollar and optimism over a likely U.S.-China trade deal dented safe-haven appeal of the precious metal. U.S. Secretary of State Mike Pompeo said he thought the United States and China were “on the cusp” of a deal to end their trade war.
Meanwhile, China cut its growth target for this year to 6.0 to 6.5 percent, in line with expectations, from around 6.5 percent last year, fuelling concerns about global growth. The US and China appeared to be close to a deal that would roll back US tariffs on at least $200 billion worth of Chinese imports, a source briefed on negotiations said on Sunday, but the timing and details for a deal remained unclear.
Investor confidence in the eurozone improved in March, largely due to hopes that an upturn in Asia might help the single currency bloc, a survey showed on Monday March 4. China and India raised gold holdings in January, according to data from International Monetary Fund. Investors will be eyeing European Central Bank’s monetary policy meeting on Thursday and U.S. non-farm payrolls data on Friday.
Tracking bullion prices, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.76 percent on Monday from Friday. Holdings have fallen over 2 percent so far this year. China’s net gold imports via main conduit Hong Kong in January doubled from the previous month, data showed.
Trading Ideas:
–Gold trading range for the day is 31836-32552.
–Gold prices remained under pressure amid firmer dollar and optimism over a likely U.S.-China trade deal dented safe-haven appeal of the precious metal.
–U.S. Secretary of State Mike Pompeo said he thought the United States and China were “on the cusp” of a deal to end their trade war.
–China and India raised gold holdings in January, according to data from International Monetary Fund.
Courtesy: Kedia Commodities
Source: Commodityonline.com
