MCX Natural Gas may trade in a range between 231.1-247.1
MCX Nickel likely to move in a range of 841.7-884.9
MCX Aluminium may trade between 142.8-147.8 levels
Crude Oil market under fresh selling; Support seen at 4574
Gold market under short covering; Support seen at 31778
Technically Silver market is under short covering as market has witnessed drop in open interest by 19.74% to settled at 24031.
Now Silver is getting support at 38218 and below same could see a test of 37665 levels and resistance is now likely to be seen at 39107, a move above could see prices testing 39443.
Silver on MCX settled up 1.89% at 38771 as the dollar weakened after flirting with 10-week highs on the bullish private jobs report.
Federal data showed new applications for U.S. unemployment aid fell last week and the number of Americans receiving benefits was the lowest in more than 45 years as labour market conditions tightened further.
The economy’s upbeat outlook was, however, tempered by news that manufacturing activity slowed in October as a measure of new orders dropped to its lowest level in 1-1/2 years.
President Trump said in a tweet on Thursday that he had a “long and very good conversation” with President Xi on trade and North Korea and that the two planned to meet at the upcoming G-20 summit.
A British official said that London was close to a deal that will grant UK-based financial services firms’ basic access to the rest of the European Union markets.
The Bank of England (BOE) announced it would keep interest rates unchanged on Thursday and this also bolstered the sterling, but the BOE also hinted at faster rate increases if Brexit goes smoothly.
Markets are also watching the U.S. congressional elections on Tuesday, which will determine whether the Republican or Democratic party controls the U.S. Congress, with some predicting increased market volatility on the outcome.
Investors will focus on Friday’s non-farm payrolls data for further clues on the strength of the U.S. economy. Silver sales were down 17 percent from September to 1,079,684 ounces, the mint said.
Trading Ideas:
–Silver trading range for the day is 37665-39443.
–Silver gained as the dollar weakened after flirting with 10-week highs on the bullish private jobs report.
–The U.S. economy is expanding at a 3.0 percent annualised rate in the fourth quarter, following the latest data on manufacturing activity and construction spending.
–U.S. President Donald Trump and Chinese President Xi Jinping both expressed optimism about resolving their bitter trade disputes.
Courtesy: Kedia Commodities
Source: Commodityonline.com
