How different gold, silver, copper, nickel, lead may trade today
MCX Aluminium price is expected to trade sideways for the day with resistance at Rs 141.80 with support at Rs 139.50 level.
Copper rose as China announced new measures to support its economy amid a damaging trade war with the United States. Gains for the metals were capped by weak data that showed the Chinese economy continues to be hurt by an ongoing trade war with the US.
Crude prices slipped in early morning trade but remained supported on account of easing of worries as traders hoped Sino-US trade tensions would ease and the escalating tensions in Middle East after Drones launched by Yemen's rebels attacked massive oil and gas field, which produces some 1MBpd, deep inside Saudi Arabia's sprawling desert.
Here's brokerage Motilal Oswal views on how different commodities are expected to trade today:
MCX Gold has intraday support at Rs.37700 whereas resistance is at Rs.38100. Gold is likely to trade sideways for the day. Price break above resistance level of Rs.38100 will give positive momentum to price.
Critical resistance for Spot Gold is placed at $1520 whereas support is at $1480 zone. Bias is likely to remain sideways for the day.
MCX Silver has intraday support at Rs.43300 whereas resistance is at Rs.43900. Sideways to positive momentum is expected for the day. Price sustainability above Rs.43900 will give further momentum towards Rs.44200.
Silver $ (SPOT)
Spot Silver has support at $16.80 and resistance is at $17.25. Sideways movement is expected for the day.
MCX Copper price is expected to trade sideways for the day with an intraday support of Rs.445 and is likely to face resistance at Rs.451.50 level. Price break of the given range will confirm further direction.
MCX Nickel is likely to trade sideways with an intraday support of Rs.1105 and resistance of Rs.1145 level.
MCX Crude Oil
MCX Crude Oil is likely to trade sideways with an intraday support at Rs.3980; whereas resistance is at Rs.4080 level. Price sustainability above Rs.4080 will give further momentum towards Rs.4120.
MCX Natural Gas
MCX Natural Gas has immediate intraday support at Rs.154; whereas resistance is at Rs.164 levels. Momentum is likely to remain sideways for the day.
MCX Lead price is expected to trade sideways to positive with intraday support at Rs.153 and resistance at Rs.156. Buying on dip is advised targeting resistance level of Rs.156 – 157.
MCX Zinc price is expected to trade sideways to negative for the day with resistance at Rs.185 while support is at Rs.181 level.
MCX Aluminium (Delivery Contract)
MCX Aluminium price is expected to trade sideways for the day with resistance at Rs.141.80 while support at Rs.139.50 level.