MCX Silver expected to trade in a range between 35712-36600
NCDEX Mustard Seed likely to trade in range between 3994-4142
MCX Crude Palm Oil under long liquidation; Support seen at 488
NCDEX Ref.Soya Oil under long liquidation; Resistance seen at 725
NCDEX Soyabean under long liquidation
Technically MCX Gold is getting support at 30441 and below same could see a test of 30335 levels and resistance is now likely to be seen at 30657, a move above could see prices testing 30767.
Gold firmed supported by uncertainty over the future pace of U.S. interest rate hikes and the outcome of the G20 summit later this week when global leaders will focus on trade tensions.
Trump said he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from the current 10 percent and repeated his threat to slap tariffs on all remaining imports from China.
Prime Minister Theresa May warned that Britain would be thrust into the unknown if parliament rejects the Brexit deal she has negotiated with the European Union, as lawmakers from all sides lined up to criticise the agreement.
U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to discuss their trade dispute at the G20 summit in Argentina, which begins on Friday. Uncertainties related to Brexit and Italy are also helping build a base for gold, which was helped by a slight retreat in the dollar earlier in the session.
The euro gained on signs Italy may cut its budget deficit target to satisfy the European Union, while the sterling rose after the EU and Britain sealed a Brexit deal. Gold’s direction in the near term would be determined by moves in the greenback, which could be pressured if the Fed takes a more cautious approach to future policy tightening amid concern of an economic slowdown next year.
Speculators increased their net short positions in Comex gold and silver contracts in the week to Nov. 13. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.15 percent to 761.74 tonnes on Monday.
Trading Ideas:
–Gold trading range for the day is 30335-30767.
–Gold steadied with investors looking to a G20 meeting for signs of a thaw in the Sino-U.S. trade conflict.
–Although a stronger dollar amid fears of a slowdown in global growth weighed on bullion.
–Physical gold demand in India was robust as consumers stepped up purchases during the traditional wedding season after domestic rates slipped to a near six-week trough.
Courtesy: Kedia Commodities
Source: Commodityonline.com
