Bullions counter may trade in green as U.S. dollar and Treasury yields fell on mounting expectations of slower monetary policy tightening by the Federal Reserve later in the year. Gold can move towards 50850 while taking support near 50500. While Silver can test 59000 while taking support near 57500.
Bullions counter may trade in green as U.S. dollar and Treasury yields fell on mounting expectations of slower monetary policy tightening by the Federal Reserve later in the year. Gold can move towards 50850 while taking support near 50500. While Silver can test 59000 while taking support near 57500. The dollar index was little changed after hitting its lowest level since Sept. 20 earlier. Report from Commerce Department on Wednesday showed sales of new U.S. single-family homes dropped in September and data for the prior month was revised lower, supporting the view that Fed rate increases are already working. The European Central Bank will raise interest rates again on Thursday and likely reel in a key subsidy to commercial banks, taking another huge step in tightening policy to fight surging inflation.
In base metal counter, Copper can trade with strong bias as it can move higher towards 675 while taking support near 655. On the fundamentals, China inventories are still at a low level and keep dropping. In particular, the inventory in Guangdong has declined for six consecutive days due to insufficient arrivals. Zinc may remain on upside bias as it can test 278 while taking support near 270. On the consumption side, spreading covid-19 pandemic in China has contained the production across the country, weighing on the demand of zinc ingot. In the SHFE spot market, the traders held the prices firm amid falling prices. Aluminum can trade higher as it can test 208. Recently, the US dollar index has fallen back, driving a rebound in LME aluminium.
Crude oil may witness further gains driven by record U.S. crude exports and a weaker U.S. dollar as it can test 7350 while taking support near 7150. U.S. crude stocks rose 2.6 million barrels last week, according to weekly government data on Wednesday, with crude exports rising to 5.1 million barrels a day, the most ever. The surge in exports is mainly due to the to the widened WTI-Brent spread, which, coming was at more than $8 per barrel. United States and the European Union are likely to settle for a more loosely policed cap at a higher price than once envisioned, with just the Group of Seven (G7) nations and Australia committed to abide by it. Natural gas prices may strengthen further towards as it can test 530 in MCX.
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