NCDEX Mustard Seed under fresh selling; Support Seen at 4191
Gold market under fresh buying; Support seen at 30766
MCX Crude Palm Oil under long liquidation
NCDEX Ref. Soya Oil under fresh selling; Resistance seen at 748
NCDEX Soyabean likely to move in a range of 3129-3287
Technically MCX Silver is getting support at 38131 and below same could see a test of 37817 levels and resistance is now likely to be seen at 38683, a move above could see prices testing 38921.
Silver prices looks to trade with positive node amid increased safe-haven demand as concerns over Italy’s fiscal issues hit financial markets. Investor concerns over Italy intensified Tuesday after the head of the lower house’s budget committee said the country would have solved its fiscal problems with its own currency.
The comments added to a war of words with the European Union over the populist government’s budget proposal, which seeks to increase spending and cut taxes, but would raise Italy’s debt and breach EU budget rules.
EU officials have warned its plan to borrow billions of extra euros to fund spending pledges could tip the bloc back into crisis, but Deputy Prime Minister Luigi Di Maio said Italy would not change its budget deficit targets.
China’s hopes of negotiating a free trade pact with Canada or Mexico were dealt a sharp setback by a provision deep in the new U.S.-Mexico-Canada trade agreement that aims to forbid such deals with “non-market” countries, trade experts said.
U.S. Federal Reserve Chairman Jerome Powell hailed a “remarkably positive outlook” for the U.S. economy that he feels is on the verge of a “historically rare” era of ultra-low unemployment and tame prices for the foreseeable future.
The array of trade tariffs and counter measures from other countries could raise U.S. inflation but there is so far no indication of that happening, Powell said. Hedge funds and money managers trimmed their net short position in silver contracts. Hedge funds and money managers cut their net short position in silver by 2,648 contracts to 42,409 contracts, CFTC data showed.
Trading Ideas:
–Silver trading range for the day is 37817-38921.
–Silver prices looks to trade with positive node amid increased safe-haven demand as concerns over Italy’s fiscal issues hit financial markets.
–Fed Chairman Powell hailed a “remarkably positive outlook” for the U.S. economy that he feels is on the verge of a “historically rare” era of ultra-low unemployment.
–The Fed raised U.S. rates last week and said it planned four more increases by the end of 2019 and another in 2020.
Courtesy: Kedia Commodities
Source: Commodityonline.com