MCX Zinc under long liquidation; Support seen at 191.2
MCX Nickel likely to move in a range of 900.8-959.8
MCX Aluminium under short covering; Support seen at 143.8
MCX Mentha Oil under fresh buying; Support seen at 1607.8
MCX Copper under long liquidation
Technically MCX Silver is getting support at 37889 and below same could see a test of 37713 level, And resistance is now likely to be seen at 38241, a move above could see prices testing 38417.
Silver on MCX settled down 0.26% at 38064 as the dollar gained versus the euro after the European Central Bank postponed an interest rate hike, wiping out gains for bullion driven by the darkening global economic outlook.
The US economy is heading into a “new normal” of slower growth that likely will keep monetary policy restrained, New York Federal Reserve President John Williams said. After a year where the economy accelerated close to 3%, GDP likely will slow to 2% this year despite a mostly favourable backdrop domestically, he added.
A report from payroll processor ADP showed U.S. private sector job growth slowed in February after an upwardly revised spike in January. ADP said private sector employment increased by 183,000 jobs in February after soaring by an upwardly revised 300,000 jobs in January. Data from the Commerce Department showed the U.S. trade deficit widened by more than anticipated in December, as imports jumped and exports slumped.
The Commerce Department said the trade deficit widened to $59.8 billion in December, nearly $2 million more than what was forecast, from a revised $50.3 billion in November.
For December, the US trade deficit ballooned to a 10-year high of $59.8 billion, well ahead of expectations, despite President Donald Trump’s efforts, the Commerce Department reported on March 6. Slowing global growth reduced demand for US goods, while a stronger dollar upset the trade balance. Investors are awaiting further cues on the outlook of the global economy, U.S. and China, have yet to solve their trade spats.
Trading Ideas:
–Silver trading range for the day is 37713-38417.
–Silver dropped as the dollar gained versus the euro after the European Central Bank postponed an interest rate hike.
–The US economy is heading into a “new normal” of slower growth that likely will keep monetary policy restrained, Fed’s Williams said.
–A report from payroll processor ADP showed U.S. private sector job growth slowed in February after an upwardly revised spike in January.
Courtesy: Kedia Commodities
Source: Commodityonline.com
