Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,856.80-80.7
Stock Analysis, IPO, Mutual Funds, Bonds & More

Commodity Outlook: Gold, silver outlook bearish; copper, aluminium may rally

Spot Gold is expected to trade in a range of $1470- $1495 range with negative bias.

ETMarkets.com|
Nov 07, 2019, 05.06 PM IST
0Comments
silver-getty
MCX Silver price is expected to trade negatively with good resistance at Rs 45800 levels and intermediate resistance at Rs 45550 level.

Commodity Summary
MCX

ALUMINIUM
COPPER
NEW DELHI: Gold prices inched higher in the previous session, but broadly is stuck in the broad range of $1,470-1,520 for the last one month. In the recent past, updates related to trade talks between the US and China is creating further confusion in the market.

Base metals remained flat, but markets were once again worried on worries after unconfirmed news that long-awaited interim deal to dial back a crippling US-China trade war could be delayed. For Copper, Chile's mine reports suggest that companies have mostly maintained production and kept operations running normally in face of weeks of unrest.

Crude prices remained steady in morning session after sliding 1.5 per cent in yesterday's session after reports of OPEC+ countries won’t be going for deeper oil-supply cuts when OPEC meets in Dec. Markets were once again worried on worries after unconfirmed news that long-awaited interim deal to dial back crippling US-China trade war could be delayed.

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

MCX Gold
MCX Gold price is expected to trade negatively with good resistance at Rs 38250 levels and intermediate resistance at Rs 38120 level. Selling is advised targeting lower support at Rs 37920 – 37810 zone.

Gold $ (SPOT)
Spot Gold is expected to trade in a range of $1470- $1495 range with negative bias.

MCX Silver
MCX Silver price is expected to trade negatively with good resistance at Rs 45800 levels and intermediate resistance at Rs 45550 level. Selling is advised targeting lower support at Rs 45200 – 44900 zone.

Silver $ (SPOT)
Spot Silver is expected to trade in a range of $17.35 - $17.85 range with negative bias.

MCX Copper
MCX Copper price is expected to trade positively with good support at Rs 441 levels and intermediate support at Rs 443 level. Buying is advised targeting higher resistance at Rs 445 – 447 zone.

MCX Nickel
MCX Nickel price is expected to trade in a range bound market having good support at Rs 1170 level and resistance at Rs 1190 level.

MCX Crude Oil
MCX Crude price is expected to trade in a range bound market having good support at Rs 3980 and resistance at Rs 4095 level.

MCX Natural Gas
MCX Natural gas price is expected to trade in a range bound market having good support at Rs 195.50 and resistance at Rs 202.50 level.

MCX Lead
MCX Lead price is expected to trade in a range bound market having good support at Rs 154.50 level and resistance at Rs 157 level.

MCX Zinc
MCX Zinc price is expected to trade positively with good support at Rs 189 levels and intermediate support at Rs 190 level. Buying is advised targeting higher resistance at Rs 191.50 – 192.50 zone.

MCX Aluminium(Delivery Contract)
MCX Aluminum price is expected to trade positively with good support at Rs 133.50 levels and intermediate support at Rs 134.30 level. Buying is advised targeting higher resistance at Rs 135.55 – 136.55 zone.

Also Read

Commodity outlook: Metals, energy ebb; here's how others may trade

Commodity outlook: Gold has support at $1,450; buy copper on dips

Commodity outlook: How gold, silver, nickel, crude oil

Commodity outlook: Base metals gain; here's how others may trade

Commodity outlook: Energy counters continue rally ahead of Opec+ meet

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service