MCX Gold likely to trade in a range between 32759-33343
Commodity Online | February 12 2019
UPDATED 10:35:51 IST

MCX Mentha Oil under fresh buying: Resistance seen at 1398.2

MCX Aluminium under fresh buying; Resistance seen at 151.8

MCX Nickel under short covering; Support seen at 862

NCDEX Chana under short covering; Support seen at 4406

MCX Cotton under fresh selling; Resistance seen at 22430

Technically now Gold is getting support at 32902 and below same could see a test of 32759 levels and resistance is now likely to be seen at 33194, a move above could see prices testing 33343.

Gold on MCX settled down 0.59% at 33046 as uncertainties around U.S-China trade tensions made the dollar buoyant, taking sheen off the metal’s safe-haven appeal even as investors were worried about a slowdown in global economic growth.

Investors are looking ahead to trade talks between Beijing and Washington this week with a delegation of U.S. officials travelling to China for the next round of negotiations.

U.S. President Donald Trump said last week that he had no plans to meet with Chinese President Xi Jinping before a March 1 deadline to achieve a trade deal. Trump has vowed to increase U.S. tariffs on $200 billion worth of Chinese imports if the two sides cannot reach a deal by 12:01 a.m. (0501 GMT) on March 2.

Trade tensions between the world’s top two economies have rattled financial markets since last year and also boosted the appeal of the U.S. dollar as a safe-haven.

Tighter financial conditions since last September make further interest rate hikes seem much less necessary than just a few months ago, San Francisco Federal Reserve Bank President Mary Daly said. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, saw outflows for five straight sessions last week.

Talks on border security funding collapsed after Democratic and Republican lawmakers clashed over immigrant detention policy as they worked to avert another U.S. government shutdown. Hedge funds and money managers raised their net long position in Comex gold in the week to Dec. 18, the U.S. Commodity Futures Trading Commission said.

Trading Ideas:
--Gold trading range for the day is 32759-33343.
--Gold prices eased as uncertainties around U.S-China trade tensions made the dollar buoyant.
--Investors are looking ahead to trade talks between Beijing and Washington with a delegation of U.S. officials travelling to China for the next round of negotiations.
--Trade tensions between the world’s top two economies have rattled financial markets since last year and also boosted the appeal of the U.S. dollar as a safe-haven.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 6 9650.00
Coconut Oil 1 17500.00
Arecanut 70 2600.00
Sugar 223 3230.00

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