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Commodity outlook: How gold, silver, nickel, crude oil may trade today

MCX Gold has support at Rs.37940 – 37750 whereas resistance is at Rs 38,130–38,290.

ETMarkets.com|
Updated: Dec 12, 2019, 05.36 PM IST
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Agencies
natural-gas
MCX Natural Gas has intraday support at Rs.171.50 – 169.50 whereas resistance is at Rs.175 – 178.

Commodity Summary
MCX

NICKEL
CRUDEOIL
Gold traded flat in the yesterday’s session, amidst mixed messages on the ongoing trade talks between US and China. Market participants did not react after US President Trump mentioned that the trade talks are moving right along and on other hand China remained fixed on their stance reiterating that roll back of tariffs should be a part of ‘phase one’ deal

Base metals traded sideways couple of days of high volatility on conflicting statements from the US over trade issues with China. Copper is trading firm today all set for a third straight weekly gain, following US President Trump's upbeat rhetoric on trade talks with China, although concerns about demand for the metal kept gains in check

Crude oil saw a choppy session after rallying a bit but markets await for a green light for an extended 5,00,000 bpd cut which would be an addition to 1.2 Mbpd cut decided earlier and agreement to be extended till March 2020.

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.37940 – 37750 whereas resistance is at Rs.38130 – 38290. Sideways movement is expected for the day. Price sustainability above immediate resistance level of Rs.38130 will give further momentum towards Rs.38290 level.

Gold $ (SPOT)
Spot Gold has key support at $1460 whereas resistance remains at $1490. Sideways movement is expected for the day.

MCX Silver
MCX Silver has support at Rs.44270 - 44070 whereas resistance is at Rs.44700 - 44900. Sideways to negative movement is expected for the day. Selling on rise is advised for the day targeting support level of Rs.44270 - 44070.

Silver $ (SPOT)
Spot Silver has resistance at $17.10 whereas support is at $16.70. Sideways movement is expected for the day.

MCX Copper
MCX Copper is expected to trade range bound with resistance at Rs.434.20 – 435.20 and support at Rs.431.60 – 429. Price sustainability above Rs.434.20 will give further momentum towards 435.20 level.

MCX Nickel
MCX Nickel is expected to trade sideways with resistance at Rs.1005 – 1016 and support at Rs.986 – 973 level. Price sustainability below Rs.986 will give further momentum towards 973 level.

MCX Crude Oil

MCX Crude Oil has immediate support at Rs.4120 - 4090 whereas resistance is at Rs.4200 - 4225. Sideways to positive momentum is expected for the day and dip buying is recommended targeting resistance level of Rs.4200 – 4225.

MCX Natural Gas

MCX Natural Gas has intraday support at Rs.171.50 – 169.50 whereas resistance is at Rs.175 – 178. Range bound movement is expected for the day.

MCX Lead
MCX Lead is likely to remain sideways to negative for the day with support at Rs.152.30 – 151.60 and resistance at Rs.153.50 – 154.60.

MCX Zinc
MCX Zinc is likely to trade sideways with resistance at Rs.185 – 185.60 and support at Rs.183.20 – 182.10.

MCX Aluminium(Delivery Contract)
MCX Aluminium is expected to trade sideways to negative with support at Rs.132 – 131.40 and resistance remains at Rs.132.80 – 133.20.

Also Read

Commodity Outlook: Buy gold, silver, nickel on dips

Will nickel continue to outperform other base metals?

Base Metals: Nickel, copper edge up in futures amid high demand

Base Metals: Nickel trades up, copper trades lower in futures trade

Base Metals: Nickel, copper trade up in futures amid firm demand

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