ET Markets
12,189.50-58.75
Stock Analysis, IPO, Mutual Funds, Bonds & More

Commodity outlook: Buy gold, silver, copper, crude oil on dips

MCX Zinc is likely to trade sideways with resistance at Rs 182.80 – 183.50 and support at Rs 181.30 – 180.50.

ETMarkets.com|
Dec 16, 2019, 05.14 PM IST
0Comments
Getty Images
commodity-getty
Base metals were in corrective mode after a brief rally during the last week as after the US and China said they had agreed a "phase one" trade deal but were hazy on detail.
Gold prices traded steady, after mixed outcome of the trade deal talks last weekend. As expected there were positive signs and comments on the phase one deal between the US and China cooled off the 17-month old trade conflict. China has agreed to buy more agri products from US farmers, while US suspended some tariffs that were due to go into effect on Dec 15.

Base Metals
Base metals were in corrective mode after a brief rally during the last week as after the US and China said they had agreed a "phase one" trade deal but were hazy on details. The agreement suspends and reduces some US tariffs on imports from China in return for Beijing authorities purchasing US agricultural goods but a lack of specifics left investors nonplussed


Energy
Crude oil prices fell on Friday after US and China cooled their trade war as they agreed to an initial trade deal, announcing a phase one agreement that reduces some US tariffs in exchange for what US officials said would be big jump in Chinese purchases of US farm products and other goods.

Motilal Oswal Commodities Research lists how different commodities may trade in the second half of the session today:

MCX Gold
MCX Gold has support at Rs 37740 – 37630 whereas resistance is at Rs 38000 – 38130. Sideways to positive movement is expected for the day. Buying on dip is recommended for the day targeting resistance level of Rs 38000 – 38130.

Gold $ (SPOT)
Spot Gold has key support at $1465 whereas resistance remains at $1490. Sideways to positive movement is expected for the day.

MCX Silver
MCX Silver has support at Rs 44220 - 44080 whereas resistance is at Rs 44630 - 44780. Sideways to positive movement is expected for the day. Dip buying is advised targeting resistance level of Rs 44630 – 44780.

Silver $ (SPOT)
Spot Silver has resistance at $17.20 whereas support is at $16.80. Sideways to positive movement is expected for the day.

MCX Copper
MCX Copper is expected to trade sideways to positive with resistance at Rs 445.40 – 446.80 and support at Rs 439.50 – 437.50. It is advise to buy on dip considering target of Rs 445.40 – 446.80.

MCX Nickel
MCX Nickel is expected to trade sideways to positive with resistance at Rs 1035 - 1046 and support at Rs 1019 – 1009 level. Price sustainability above Rs 1035 will give further momentum towards Rs 1046 level.

MCX Crude Oil
MCX Crude Oil has immediate support at Rs 4230 - 4190 whereas resistance is at Rs 4290 - 4330. Positive momentum is expected for the day and dip buying is recommended targeting resistance level of Rs 4290 – 4330.

MCX Natural Gas
MCX Natural Gas has intraday support at Rs 161 – 159 whereas resistance is at Rs 165 – 166.80. Range bound movement is expected for the day.

MCX Lead
MCX Lead is likely to remain sideways for the day with support at Rs 151.75 – 150.80 and resistance at Rs 152.75 – 153.50.

MCX Zinc
MCX Zinc is likely to trade sideways with resistance at Rs 182.80 – 183.50 and support at Rs 181.30 – 180.50.

MCX Aluminium(Delivery Contract)
MCX Aluminium is expected to trade sideways to positive with support at Rs 133 – 132.40 and resistance remains at Rs 133.90 – 134.50.

Also Read

Commodity Outlook: Buy gold, silver, nickel on dips

Commodity outlook: Gold, silver prices likely to edge lower

Commodity outlook: Bullion charges; here's how others may trade today

Commodity outlook: Buy silver, copper on dips; sell nickel

Commodity Outlook: Buy gold and silver on dips; sell copper, nickel

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service