MCX Zinc expected to trade in a range between 181.2-193.2
MCX Copper likely to trade in a range between 425.8-453.6
MCX Natural Gas likely to trade between 293.9-343.1 range
MCX Crude Oil may trade in range between 3641-4225.
MCX Nickel expected to trade between 773.2-814.4 levels
Technically Gold market is under fresh selling as market has witnessed gain in open interest by 0.66% to settled at 8193.
Now Gold is getting support at 30718 and below same could see a test of 30622 levels and resistance is now likely to be seen at 30950, a move above could see prices testing 31086.
Gold on MCX settled down 0.21% at 30814 as investors flocked to the dollar and U.S. government bonds amid steep declines in global stock markets, denting appeal for non-interest bearing bullion.
The dollar rallied from a two-week low and benchmark U.S. Treasury yields dipped to seven-week lows as stock market declines boosted global demand for safe-haven U.S. Treasury debt and the dollar. Fears of a slowing global economy, concerns surrounding Brexit and Italy’s fiscal situation, and uncertainty regarding the China-U.S. trade negotiations are supporting gold prices.
Investors are now keeping a close eye on a Group of 20 leaders’ summit later this month in Argentina where U.S. President Donald Trump is expected to meet with Chinese President Xi Jinping to discuss the bilateral trade dispute.
While both leaders have expressed optimism about resolving their respective issues ahead of the meeting, a top Chinese diplomat in veiled criticism of Washington said on Monday that the APEC summit’s failure to agree on a communique resulted from certain countries “excusing” protectionism.
U.S. President Donald Trump’s administration on Tuesday said China had failed to alter its “unfair” practices at the heart of the U.S.-China trade conflict, adding to tensions ahead of a high-stakes meeting later this month between Trump and Chinese President Xi Jinping.
U.S. homebuilding rose in October amid a rebound in multi-family housing projects, but construction of single-family homes fell for a second straight month, suggesting the housing market remained mired in weakness as mortgage rates march higher.
Trading Ideas:
–Gold trading range for the day is 30622-31086.
–Gold prices edged downward as investors flocked to the dollar and U.S. government bonds amid steep declines in global stock markets.
–New York Fed President John Williams told that “We will be likely raising interest rates somewhat, but it is really in the context of a very strong economy.”
–Richard Clarida, expressed caution over the global growth outlook on Friday and said “that’s something that is going to be relevant” for the outlook for the U.S. economy.
Courtesy: Kedia Commodities
Source: Commodityonline.com
