Gold Silver Reports — Technically MCX Zinc is getting support key at 195 and below same could see a test of 192 levels, and resistance key is now likely to be seen at 201, a move above could see prices testing 203.
Zinc MCX settled down -0.88% at 197.15 as China’s zinc ingot output will grow slightly in September since some zinc smelters have completed maintenance.
Also pressure seen as rebound in the US Dollar was fueled by solid economic data which drove up the odds of a Fed rate hike later in the year. Both the quarterly Preliminary GDP and the ADP private sector jobs report beat the estimates.
Read More: Zinc MCX Market Support Key Level 197
While today outlook remain positive as healthy growth at China’s factories in August fed expectations of better metals demand. Growth in China’s manufacturing sector unexpectedly accelerated in August, suggesting the world’s second-largest economy is still expanding at a healthy clip despite rising financing costs and a cooling housing market.
As regulatory crackdowns in China hit risky investment products and capital outflows, the country’s private banks are looking to profit as they target a bigger share of growing wealth in the world’s second-largest economy.
The Commerce Department said durable goods orders plunged by 6.8 percent in July after surging up by 6.4 percent in June. Existing home sales in the U.S. unexpectedly decreased in the month of July, according to a report released by the National Association of Realtors. — Neal Bahi Reports
