Crude Oil market under long liquidation; Support seen at 4734
Silver market under fresh selling; Support seen at 37765
NCDEX Mustard Seed under fresh buying; Support seen at 4127
MCX Crude Palm Oil under short covering
NCDEX Ref.Soya Oil under fresh buying; Resistance seen at 738
Technically now Gold is getting support at 29544 and below same could see a test of 29490 levels and resistance is now likely to be seen at 29693, a move above could see prices testing 29788.
Gold settled flat as the U.S. dollar fell versus China’s yuan against a backdrop of US-China trade tensions. U.S. data recently showed investors added 13,931 contracts to their net short position in the week to July 31, bringing it to 41,087 contracts, the biggest since records became publicly available in 2006.
Expectations for increased Chinese stimulus helped take the edge off wider concerns about the worsening Sino-U.S. trade dispute. The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23, the U.S. Trade Representative’s office said on Tuesday as it published a final tariff list targeting 279 imported product lines.
Companies doing business with Iran will be barred from the United States, President Donald Trump said on Tuesday, as new U.S. sanctions took effect despite pleas from Washington’s allies.
U.S. job openings held near record highs in June amid a modest decline in hiring, pointing to a further tightening of labour market conditions, which economists hope will soon spur faster wage growth. The prospect of a “no-deal Brexit” appears to have grown after the European Union’s negotiator rejected last month central elements of Prime Minister Theresa May’s proposals for a new trade agreement.
Gold-backed exchange-traded funds (ETFs) saw outflows in North America, Europe and Asia in July as a strong U.S. dollar helped weaken gold prices, the World Gold Council said. SPDR Gold Trust, said its holdings fell 0.15 percent to 787.53 tonnes on Tuesday from 788.71 tonnes on Monday.
Trading Ideas:
–Gold trading range for the day is 29490-29788.
–Gold prices settled flat as the U.S. dollar fell versus China’s yuan against a backdrop of U.S.-China trade tensions.
–Expectations for increased Chinese stimulus helped take the edge off wider concerns about the worsening Sino-U.S. trade dispute.
–Gold prices have declined nearly 12 percent since mid-April, pressured by a stronger U.S. dollar from an ongoing U.S.-China trade dispute.
Courtesy: Kedia Commodities
Source: Commodityonline.com
