Commodity outlook: Gold has resistance at Rs 30,755-30,775 levels
Support for Spot Gold remains at $1190 whereas resistance is at $1,205-1,210 area.
Base metals traded mixed with copper easing as buying was thinned by holidays in China and Japan and fresh jitters on global trade, a session after it notched up its biggest one-day advance in more than five years.
Oil prices jumped more than 2% to a four-year high after Opec declined to announce an immediate increase in production despite calls by US President Donald Trump for action to raise global supply.
Here’s a lowdown on the outlook of different commodities by brokerage Motilal Oswal Securities:
MCX Gold: Immediate resistance for MCX Gold is at Rs.30755 - 30775 whereas supports are at Rs.30645 - 30600 levels. Sideways consolidation will be seen and price break on either side will give further trend direction.
Gold (SPOT): Support for Spot Gold remains at $1190 whereas resistance is at $1205 - 1210 area.
MCX Silver: MCX Silver has strong supports at Rs.37515 - 37370 whereas resistance is at Rs.37850 - 37900 levels. Bias looks positive for the metal and initial dip towards Rs.37630 will be a good buying opportunity.
Silver (SPOT): Spot Silver looks positive as long as $14 is held as strong support. Short-term resistance is at Rs.14.55 - 14.80 area.
MCX Copper: Today's high Rs.462.40 will act as key resistance for MCX Copper whereas support is at Rs.457.50 - 455 area. Initial dip towards support area could be see.
MCX Nickel: MCX Nickel has intraday support at Rs.930 - 920 whereas resistance is at Rs.955. Upside for the metal will resume only if price break above resistance.
MCX Crude Oil: MCX Crude Oil looks to trade in a range of Rs.5190 - 5270. Price sustained break on either side of the given range will give further trend direction.
MCX Natural Gas: Short-term bias for MCX Natural Gas remains positive and is likely to target Rs.220 - 222 area. Support is at Rs.212 - 209.50. Initial dip towards Rs.214 - 213 zone will be a good buying opportunity.
MCX Lead: MCX Lead has resistance at Rs.149.40 whereas support is at Rs.146.70. Trading on extreme is advised i.e. buying near support OR selling near resistance is advised.
MCX Zinc: MCX Zinc will remain supported as long as Rs.182 is held as support. Resistance is at Rs.185 - 186 area. Intraday buying is advised.
MCX Aluminium: Initial weakness looks possible in MCX Aluminum as long as Rs.149.45 is capped as resistance. Support is at Rs.147 - 145.50.