MCX Copper likely to move in a range of 428.6-438.8
MCX Natural Gas may trade between 304-334.4 levels
MCX Crude Oil under fresh selling; Support seen at 3491
MCX Gold under fresh selling; Support seen at 30142
MCX Copper likely to trade in a range between 421-435.8
Technically Silver market is under fresh selling as market has witnessed gain in open interest by 36.89% to settled at 27080 while prices down 440 rupees.
Now MCX Silver is getting support at 35750 and below same could see a test of 35474 level, And resistance is now likely to be seen at 36435, a move above could see prices testing 36844.
Silver on MCX settled down 1.21% at 36025 as investors moved away from the bullion amid expectations of another interest rate hike this year, while the G20 summit in Argentina was also in focus.
Almost all Federal Reserve officials at their last meeting agreed another interest rate increase was “likely to be warranted fairly soon,” but also opened debate on when to pause further hikes and how to relay those plans to the public.
Minutes of the November meeting show policymakers ticking off a series of issues, including a tightening of financial conditions, global risks, “and some signs of slowing in interest-sensitive sectors,” that had begun weighing on their view of the economy.
An expected December rate increase was further cemented into place. But Fed officials also indicated a potential shift in tone about the future.
A few participants who agreed further rate increases were likely to be warranted also “expressed uncertainty about the timing” as Fed officials discussed how to communicate a possible change in their approach to any further hikes.
US consumer spending rose by the most in seven months in October, but underlying price pressures slowed, with an inflation measure tracked by the Federal Reserve registering its smallest annual increase since February.
Consumer spending rose 0.6% in October, the Commerce Department said. The personal consumption expenditures (PCE) price index excluding the volatile food and energy components edged up 0.1% after rising 0.2% in September.
Trading Ideas:
–Silver trading range for the day is 35474-36844.
–Silver dropped as investors moved away from the bullion amid expectations of another interest rate hike this year.
–Almost all Federal Reserve officials at their last meeting agreed another interest rate increase was “likely to be warranted fairly soon.”
–The US weekly jobless claims increased to a six-month high last week, which raised concerns that the labour market could be slowing.
Courtesy: Kedia Commodities
Source: Commodityonline.com
