Long liquidation seen in MCX Cotton


Short covering seen in MCX Cardamom


NCDEX Jeera may trade between 16215-16785 levels


NCDEX Turmeric under short covering


Mustard Seed market under fresh buying; Support seen at 3937

Technically Gold market is under long liquidation as market has witnessed drop in open interest by 1.92% to settled at 6015.

Now MCX Gold is getting support at 31105 and below same could see a test of 31066 levels and resistance is now likely to be seen at 31185, a move above could see prices testing 31226.

Gold prices remained steady as investors waited for clues on the pace of future interest rate hikes by the U.S. Federal Reserve when its policy meeting. The Federal Reserve forecast two more U.S. rate increases this year after raising rates, although lingering worries over trade tensions between Washington and Beijing prevented steeper losses.

The Federal Reserve raised interest rates, a move that was widely expected but still marked a milestone in the U.S. central bank’s shift from policies used to battle the 2007-2009 financial crisis and recession.

The central bank saw two more rate hikes in 2018 for a total of four and three increases in 2019. U.S. producer prices increased more than expected in May, leading to the biggest annual gain in nearly 6-1/2 years, the latest sign of a gradual building up of inflation pressures.

U.S. President Donald Trump will meet with his top trade advisers on Thursday to decide whether to activate threatened tariffs on billions of dollars in Chinese goods, a senior Trump administration official said. Trump said that North Korea no longer poses a nuclear threat and his top diplomat offered a hopeful timeline for a “major disarmament,” despite skepticism at home that Pyongyang will abandon its nuclear weapons following this week’s summit. 

The European Central Bank will debate whether to end its huge asset purchases by year-end, in what would be its biggest step towards dismantling crisis-era stimulus credited with pulling the euro zone economy out of recession.

Trading Ideas:
–Gold trading range for the day is 31066-31226.
–Gold prices remained steady as investors waited for clues on the pace of future interest rate hikes by the U.S. Federal Reserve when its policy meeting.
–The Federal Reserve raised interest rates, a move that was widely expected.
–The central bank saw two more rate hikes in 2018 for a total of four and three increases in 2019.

Courtesy: Kedia Commodities



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