MCX Gold under long liquidation; Resistance seen at 32207
MCX Crude Oil may trade between 3852-4020 levels
MCX Natural Gas under fresh Selling; Support seen at 196.9
MCX Copper likely to move in a range of 450.8-462.6
MCX Zinc may move in a range of 194.9-199.5
Technically MCX Silver is getting support at 37964 and below same could see a test of 37763 level, And resistance is now likely to be seen at 38503, a move above could see prices testing 38841.
Silver on MCX settled down 0.75% at 38165 amid firmer U.S. dollar on the back of encouraging housing and service-sector activity data. The U.S. dollar gained amid optimism the U.S. and China will agree on a trade deal sometime soon.
Better than expected report on U.S. non-manufacturing activity for the month of February too contributed to the greenback’s rise. The dollar climbed on optimism over a potential U.S.-China trade deal after U.S. Secretary of State Mike Pompeo said that trade talks with China aimed at ending tariffs on hundreds of billions of dollars’ worth of products would be successful.
Growth in new orders fell to the weakest since October, while export sales also rose at the slowest in five months, reflecting softer demand both at home and overseas. China cut its GDP growth target for 2019 to a range of 6% – 6.5% from the 2018 target of around 6.5%, citing challenges from rising debt and a trade dispute with the U.S.
China’s private sector growth weakened marginally in February with softer growth in services activity, survey data from IHS Markit showed. Markets will now look ahead to the European Central Bank’s monetary policy meeting on Thursday and U.S. non-farm payrolls data on Friday.
Eurozone retail sales rebounded in January, adding to recent signs that the currency area’s economy may be levelling out after a sharp slowdown in 2018. The European Union’s statistics office Eurostat said that retail sales in the 19 countries sharing the euro rose 1.3% month on month in January after a 1.4% drop in December.
Trading Ideas:
–Silver trading range for the day is 37763-38841.
–Silver dropped amid firmer U.S. dollar on the back of encouraging housing and service-sector activity data.
–A downward revision in China’s growth forecast contributed as well the metal’s weakness, as a weak Chinese economy could result in a significant drop in demand.
–Eurozone retail sales rebounded in January, adding to recent signs that the currency area’s economy may be levelling out after a sharp slowdown in 2018.
Courtesy: Kedia Commodities
Source: Commodityonline.com
