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Commodity outlook: Gold, silver outlook bearish; crude oil, zinc may rise

Spot Silver is expected to trade in a range of $16.65 - $17.00 range.

ETMarkets.com|
Nov 18, 2019, 04.42 PM IST
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Agencies
Natural-Gas---Agencies
MCX Natural gas price is expected to trade negatively with good resistance at Rs 190 levels and intermediate resistance at Rs 188 level.
Gold has been trading in a broad range of $1460-1475 for quite some time now. Gold bears have been in charge from the past few sessions, with the geopolitical tension concerning Hong Kong and Iran crossing wires, optimism surrounding the US-China trade deal seems to fail to impress the metal prices.

Base Metals
Base metals continued to be volatile before the end of the week with LME copper prices trading weak as concerns over an economic slowdown in China, although hopes of a Sino-US trade deal kept investor optimism afloat, curbing sharp declines in the metal. China's industrial output grew significantly more slowly than expected in October

Energy
Crude prices remain steady as sentiments sees truce between US and China as more feasible and await further positive triggers over prospects for a trade deal between US and China, ignoring the oversupply concerns after EIA data showing an unexpected rise in US production for previous week.


Let's take a look at how various commodities may fare today, as projected by brokerage Motilal Oswal Securities:

MCX Gold
MCX Gold price is expected to trade negatively with good resistance at Rs 38050 levels and intermediate resistance at Rs 37920 level. Selling is advised targeting lower support at Rs 37720 - 37600 zone.

Gold $ (SPOT)
Spot Gold is expected to trade in a range of $1445- $1467 range with negative bias.

MCX Silver
MCX Silver price are expected to trade in a range bound market having good support at Rs 43800 level and resistance at Rs 44250 level.

Silver $ (SPOT)
Spot Silver is expected to trade in a range of $16.65 - $17.00 range.

MCX Copper
MCX Copper price is expected to trade negatively with good resistance at Rs 441.50 levels and intermediate resistance at Rs 439.50 level. Selling is advised targeting lower support at Rs 437.50 - 436 zone.

MCX Nickel
MCX Nickel price is expected to trade in a range bound market having good support at Rs 1095 level and resistance at Rs 1118 level.

MCX Crude Oil
MCX Crude price are expected to trade positively with good support at Rs 4050 levels and intermediate support at Rs 4105 level. Buying is advised targeting higher resistance at Rs 4195 – 4235 zone.

MCX Natural Gas
MCX Natural gas price is expected to trade negatively with good resistance at Rs 190 levels and intermediate resistance at Rs 188 level. Selling is advised targeting lower support at Rs 186 – 183 zone.

MCX Lead
MCX Lead price is expected to trade in a range bound market having good support at Rs 154 levels and resistance at Rs 156.50 level.

MCX Zinc
MCX Zinc price are expected to trade positively with good support at Rs 191 levels and intermediate support at Rs 192.20 level. Buying is advised targeting higher resistance at Rs 193.50 – 195.15 zone.

MCX Aluminium(Delivery Contract)

MCX Aluminum price is expected to trade negatively with good resistance at Rs 132.50 levels and intermediate resistance at Rs 131.50 level. Selling is advised targeting lower support at Rs 130.15 – 129 zone.

Also Read

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

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

Commodity outlook: Here is how commodities may fare today

Commodity outlook: Crude oil slips; here is how others will fare today

Commodity outlook: Agri-commodities bleed; here's how other will trade today

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