MCX Gold likely to move in a range of 30846-31246
MCX Crude Oil likely to move in a range of 4311-4527
MCX Natural Gas under short covering; Resistance seen at 282.6
MCX Copper under short covering
MCX Zinc under Fresh buying; Support seen at 183.7
Technically MCX Silver is getting support at 36530 and below same could see a test of 36364 level, And resistance is now likely to be seen at 37000, a move above could see prices testing 37304.
Silver prices dropped as the dollar jumped to 16-month highs on the back of political uncertainty in Europe and the U.S. Federal Reserve’s hawkish stance on interest rates. The Federal Open Market Committee (FOMC) eased concerns that the Fed would let up in its tightening of monetary policy.
The Fed has hiked interest rates three times this year and is likely to hike again at the next meeting. The market remains confident in US growth even after the results of the US midterm election.
Precious metals traders will be focusing on U.S. inflation data after the Federal Reserve indicated that it is on track to hike interest rates again in December and early next year. Investors will get another update on the health of consumers from Thursday’s retail sales numbers, which are expected to show an increase from the previous month.
Metals traders will also be watching a speech by Fed Chairman Jerome Powell in Dallas on Wednesday, where he is expected to discuss national and global economic issues, as well as appearances by a handful of other Fed speakers, including Vice Chair Randal Quarles.
The US wholesale inventories rose more in September than estimated. As reported, the Commerce Department said that wholesale inventories rose 0.4% in September, slightly faster than its initial estimate of growth of 0.3%.
As a result, inventories rose 5.2% year over year as of September. With US job and wage growth bolstering domestic demand, businesses are expected to boost stocks of goods, which could underpin production at factories.
Trading Ideas:
–Silver trading range for the day is 36364-37304.
–Silver prices dropped as the dollar jumped on the back of political uncertainty in Europe and the U.S. Federal Reserve’s hawkish stance on interest rates.
–The Federal Open Market Committee (FOMC) eased concerns that the Fed would let up in its tightening of monetary policy.
–The Commerce Department said that wholesale inventories rose 0.4% in September, slightly faster than its initial estimate of growth of 0.3%.
Courtesy: Kedia Commodities
Source: Commodityonline.com
