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Commodity outlook: MCX Gold can test Rs 32,300 level

Global gold prices firmed up on dollar's weakness and demand for safe haven assets.

ETMarkets.com|
Jan 23, 2019, 12.14 PM IST
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BCCL
gold--bccl-1200
Global gold prices firmed up on dollar's weakness and demand for safe haven assets.

Commodity Summary
MCX

GOLD
NEW DELHI: Crude oil prices steadied in global markets on Wednesday on hopes that Chinese stimulus will support the economy and the US and China will find a solution to their trade dispute.

Gold prices also firmed up on dollar's weakness and demand for safe haven assets.

In the domestic futures market, gold was trading at Rs 32,149 per 10 grams, lower by Rs 11, while silver was trading at Rs 39,160 per kg, up by Rs 88 around 11:25 am. The MCX crude oil was trading at Rs 3,794 per barrel, up Rs 45 at that time.

We bring you projections on various commodities by SMC Global Securities. Take a look:

Bullion: Bullion counter may trade with a positive bias as gold prices held steady on Wednesday in global markets. MCX Gold can test Rs 32,300 taking support near Rs 32,000. Silver can test Rs 39,200, taking support near Rs 38,850.

Base metals: Copper may test Rs 425, taking support near Rs 415 in MCX. Zinc can move sideways to a positive path and it can test Rs 187. Lead can take support near Rs 141 and can face resistance near Rs 146. Nickel can move in the range of Rs 820-830. Aluminium can test Rs 137 level, taking support near Rs 133.

Energy: Crude oil may trade in the green as prices stabilized in global markets on Wednesday. MCX Crude oil can test Rs 3,840 level, taking support near Rs 3,750. Natural gas can remain downbeat and it can test Rs 215.

Spices: Turmeric futures (April) may trade in the range of Rs 6,450-6,700. Lower level buying can be seen in Jeera futures (March) and it may trade in the range of Rs 16,800-17,250. The coriander futures (April) is expected to trade above strong support near Rs 6,550 level.

Oilseeds: Soybean futures (February) is likely to trade in the range of Rs 3,800-3,950 with a bullish bias. Lower level buying can be seen in mustard futures (February) and the prices may test Rs 3,990 on firmness in the competitive soybean market. CPO futures (January) may trade in the range of Rs 553-562. Soy oil futures (February) is expected to trade in the range of Rs 761-770 on account of lower soy oil import and tracking firmness in soybean.

Other commodities: Cotton futures (January) may witness lower level buying after consolidation in the range of Rs 20,700-20,950 levels. Guar seed futures (February) is expected to trade in the range of Rs 4,350-4,500, while guar gum futures (February) will possibly trade above Rs 8,580. Chana futures (March) may trade in the range of Rs 4,250-4,350 with a bearish bias.
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