Gold Silver Reports – Technically Zinc MCX market is under fresh selling as market has witnessed gain in open interest by 1.76% to settled at 5256 while prices down 0.95 rupees.
Zinc MCX is getting support key @197 and below same could see a test of 195 levels and resistance key is now likely to be seen @203, a move above could see prices testing 206
Zinc on MCX settled down -0.48% at 198.9 as pressure continues because of weaker demand from China. The dollar inched higher, as the passage of a bill to temporarily extend U.S. government funding raised investors’ optimism that a tax reform bill would also pass.
Pressure also seen after US Commerce Department slapped steep import duties on steel products from Vietnam that originated from Chinese-made steel. Meanwhile, tax reform legislation will remain on the agenda, as Congress works to push through a bill that could give President Donald Trump his first major legislative accomplishment of his presidency.
Consumer credit in the U.S. increased by more than anticipated in the month of October, according to a report released by the Federal Reserve. The Fed said consumer credit spiked by $20.5 billion in October after surging up by a downwardly revised $19.2 billion in September.
Read More: Zinc MCX Day Trading Zone Between 195—206 levels — 10 Lots Trade
China’s private sector growth momentum improved marginally in November, survey results from IHS Markit revealed. The Caixin composite output index rose to 51.6 in November from October’s 16-month low of 51.0. The Caixin PMI readings in November showed the economy has maintained stability and there was no imminent risk of a significant decline in its growth rate.
Investors await Friday’s nonfarm payrolls report for further clues on employment ahead of the Federal Reserve’s two-day meeting next week that ends with a statement on monetary policy Wednesday.
