MCX Natural Gas likely to trade between 183.8-192.6
MCX Nickel under fresh buying; Resistance seen at 878.8
Crude Oil market under fresh buying; Support seen at 3960
MCX Aluminium likely to move in a range of 129.5-132.7
MCX Mentha Oil under fresh buying; Resistance seen at 1695.5
Technically gold market is under fresh buying as market has witnessed gain in open interest by 1% to settled at 16429 while prices up 224 rupees.
Now MCX Gold is getting support at 33497 and below same could see a test of 33386 levels and resistance is now likely to be seen at 33672, a move above could see prices testing 33736.
Gold on MCX settled up 0.67% at 33608 as the dollar weakened on hopes the United States and China are nearing a trade deal. The dollar was weaker, as increasing expectations of a U.S.-Sino trade deal led investors to shift away from the safety of the greenback, which had been the preferred safe-haven during the trade dispute.
The United States and China will resume trade talks this week in Washington with time running short to ease their bruising trade war, but U.S. President Donald Trump repeated that he may extend a March 1 deadline for a deal and keep tariffs on Chinese goods from rising.
Minutes of the Fed’s January policy meeting are due on Wednesday and should provide more guidance on the likelihood or not for rate hikes this year. A rally in domestic prices curtailed physical gold demand in India and Japan, with interest in the precious metal lacklustre in other Asian centres as markets gradually return from the Lunar New Year holidays.
Dealers in India were offering a discount of up to $5 an ounce over official domestic prices this week, up from a discount of $1.5 last week. Demand in Japan also remained weak as local gold prices surged, with the metal being sold at a discount of 50 cents to the global spot price.
In top consumer China, premiums dropped to $7-$10 an ounce over the benchmark from the $10-$12 charged in the week ending February 1.
Trading Ideas:
–Gold trading range for the day is 33386-33736.
–Gold prices rose as the dollar weakened on hopes the United States and China are nearing a trade deal.
–The dollar was weaker, as increasing expectations of a U.S.-Sino trade deal led investors to shift away from the safety of the greenback.
–Minutes of the Fed’s January policy meeting are due on Wednesday and should provide more guidance on the likelihood or not for rate hikes this year.
Courtesy: Kedia Commodities
Source: Commodityonline.com
