MCX Gold expected to trade in a range between 30238-31076
NCDEX Mustard Seed under fresh buying; Support seen at 4203
MCX Crude Palm Oil under short covering
Ref. Soya Oil market under fresh buying; Support seen at 731
NCDEX Soyabean under fresh buying; Resistance seen at 3389
Technically MCX Silver is getting support at 37305 and below same could see a test of 37021 levels and resistance is now likely to be seen at 37859, a move above could see prices testing 38129.
Silver remained supported tracking rise in crude oil and base metals prices amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than originally feared.
U.S. private sector business activity had slowed to a 17-month low in September, investors looked ahead to the next Fed?policy decision?to be announced on Sept. 26. China’s moves to boost domestic consumption also helped bolster the dollar rally driven by investor bets that the latest U.S.-China trade salvoes were unlikely to dent global growth.
The dollar’s status as the chief reserve currency makes it the prime beneficiary of U.S.-China trade conflict, with the United States seen as having less to lose. On Monday, the U.S. slapped tariffs of 10% on $200 billion in Chinese goods, before they rise to 25% by the end of 2018, rather than an outright 25%.
China retaliated by putting tariffs on $60 billion in U.S. goods. However, China will put a 10% tariff on some goods it had previously earmarked for a 20% levy. Hedge funds and money managers trimmed their net short positions in silver futures and options, CFTC said.
Hedge funds and money managers cut their net short position in silver by 1,224 contracts to 45,057 contracts, CFTC data showed. Investors await Federal Reserve meeting, where the U.S. central bank is widely expected to raise benchmark interest rates.
Trading Ideas:
–Silver trading range for the day is 37021-38129.
–Silver remained supported tracking rise in crude oil and base metals prices amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh.
–U.S. private sector business activity had slowed to a 17-month low in September, investors looked ahead to the next Fed?policy decision?to be announced on Sept. 26.
–Hedge funds and money managers trimmed their net short positions in silver futures and options, CFTC said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
