MCX Crude Oil may trade in a range between 4539-4789
MCX Cotton under long liquidation
MCX Cardamom under fresh buying; Resistance seen at 1220.7
Gold market under fresh selling; Support seen at 29655
NCDEX Jeera under long liquidation
Technically MCX Silver is getting support at 37525 and below same could see a test of 37338 levels and resistance is now likely to be seen at 38029, a move above could see prices testing 38346.
Silver on MCX settled down -0.68% at 37711 amid economic turmoil in Turkey left markets uncertain about direction. Tensions between the U.S. and Turkey continued on Monday, with Turkey’s central bank pledging to provide liquidity and cut reserve requirements for Turkish banks.
U.S. economic growth will probably accelerate this year before slowing in 2019 to well below the Trump administration’s 3 percent target as a fiscal stimulus fades, congressional researchers projected. Turkey’s lira pulled back from a record low of 7.24 to the dollar on Monday after the central bank pledged to provide liquidity, but it remained under selling pressure and its meltdown caused further unease on global markets.
A wave selling hit the lira, triggering concerns about an emerging market crises, but investors have continued to shun metals as a safe-haven destination on concerns further increases in U.S. interest rates would boost the dollar, reducing metals demand.
China’s total social financing, a broad measure of credit and liquidity in the economy, dropped to 1.04 trillion yuan ($151 billion) in July from 1.18 trillion yuan in June, lower than forecast of 1.1 trillion yuan, data from the People’s Bank of China showed on Monday.
Key things to watch today include China’s industrial production, retail sales and fixed asset investment in July, eurozone’s gross domestic product (GDP) data in the second quarter and Germany’s GDP data in the second quarter, consumer price inflation in July and ZEW economic sentiment index in August as well as US import prices in July.
Trading Ideas:
–Silver trading range for the day is 37338-38346.
–Silver prices ended lower amid economic turmoil in Turkey left markets uncertain about direction.
–The U.S. imposed sanctions and doubled tariffs on the Turkey’s steel and aluminum to 50% and 20% respectively.
–Tensions between the U.S. and Turkey continued on Monday, with Turkey’s central bank pledging to provide liquidity and cut reserve requirements for Turkish banks.
Courtesy: Kedia Commodities
Source: Commodityonline.com
