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Published on 17/04/2018 10:50:21 AM | Source: Kedia Commodity Ltd

Buy Silver May 2018 @ 39000 SL 38880 Tgt 39180-39340 - Kedia Commodity

Posted in Commodities Reports| #Kedia Commodity Ltd #Commodity Tips

MCX GOLD UPDATE

Gold on MCX settled up 0.58% at 31298 as markets assessed the possible consequences of a U.S.-led missile strike against Syria over the weekend. The United States accused Russia of blocking international inspectors from reaching the site of a suspected poison gas attack in Syria and said Russians or Syrians may have tampered with evidence on the ground.

Trump has delayed imposing additional sanctions on Russia and is unlikely to approve them unless Moscow carries out a new cyber attack or some other provocation, a senior administration official said. Traders braced for a meeting between U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe starting on Tuesday.

Trump said x he would nominate Richard Clarida as Federal Reserve Vice Chairman, adding another hawkish voice at the central bank. Gold consumption in China in the first three months of this year fell 5.44 percent to 284.97 tonnes from a year earlier, citing data from the China Gold Association.

Kazakhstan raised gold holdings by 3.1 tonnes to 310.1 tonnes in March, while Argentina lowered gold holdings by 6.8 tonnes to about 55 tonnes during the same period, International Monetary Fund data showed. Azerbaijan's top gold producer, Anglo Asian Mining , said it had increased its gold production by 49 percent year-on-year in the first quarter of 2018 to 16,479 ounces from 11,078 ounces in the same period last year.

Technically market is under fresh buying as market has witnessed gain in open interest by 2.06% to settled at 8637 while prices up 180 rupees, now Gold is getting support at 31183 and below same could see a test of 31069 level, And resistance is now likely to be seen at 31383, a move above could see prices testing 31469.

BUY GOLD JUN 2018 @ 31180 SL 31050 TGT 31300-31440.MCX

MCX SILVER UPDATE

Silver on MCX settled up 0.45% at 39102 amid heightened geopolitical risk as markets assessed the fallout from U.S.-led missile strikes on Syria. Safe haven demand was held in check by relief that the missile strikes on Syria did not prompt a response from Russia, Syria’s main ally.

Trump has delayed imposing additional sanctions on Russia and is unlikely to approve them unless Moscow carries out a new cyber attack or some other provocation US data showed retail sales rose 0.6% in March, compared to a 0.1% dip in February, and beating expectations of a 0.4% rise, while core sales rose 0.2% in line with expectations.

The Empire State Manufacturing Index slowed down to 15.8 in April from 22.5 in March, missing expectations of 14.9, while business inventories rose 0.6% as expected in February, as the NAHB Housing Market Index inched down to 69 from 70 in March, missing forecasts of 71.

Raphael Bostic said in his speech that wages haven't improved until now, while asserting the Federal Reserve is trying to carry the local economy to full employment. US President Donald Trump accused both Russia and China of engaging in a ploy to drive the value of their currencies lower as the US hikes interest rates, calling it "unacceptable".

Hedge funds and money managers trimmed a net short position in silver futures and options, the data showed. Technically market is under short covering as market has witnessed drop in open interest by -1.48% to settled at 16244 while prices up 175 rupees, now Silver is getting support at 38874 and below same could see a test of 38647 level, And resistance is now likely to be seen at 39309, a move above could see prices testing 39517.

BUY SILVER MAY 2018 @ 39000 SL 38880 TGT 39180-39340.MCX


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