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Outlook: Gold likely to take out Rs 31,800 level

Crude oil prices hovered near 2019 highs on supply cuts led by Opec and US sanctions against Iran and Venezuela.|
Updated: Mar 19, 2019, 12.05 PM IST
FILE PHOTO: Gold bars at the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna
Gold bars at the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo

Commodity Summary

NEW DELHI: Global gold prices firmed up on Tuesday as the dollar tested its two-week low on expectations that the US Fed will stay dovish at its policy meeting later this week.

The dollar was on the defensive on Tuesday, weighed down by bets that the Federal Reserve would adopt a more accommodative policy amid concerns of a slower US economic growth, Reuters reported.

Crude oil prices hovered near 2019 highs on supply cuts led by producer club Opec and US sanctions against Iran and Venezuela.

We get you a forecast from Brokerage SMC Global Securities on various commodities.

Bullion: The bullion counter may move sideways with a positive bias. MCX Gold can witness bounceback towards Rs 31,800. Silver can take support near Rs 37,800 and recover towards Rs 38,250.

Base metals: Base metal prices may show a positive bias. Copper may test Rs 446, taking support near Rs 441 on MCX. Zinc can take support near Rs 191, facing headwinds near Rs 196. Lead can move in the range of Rs 138-142. Nickel can test Rs 900, taking support near Rs 880. Aluminium may trade in Rs 145-147.50.

Energy: Crude oil (April) may go sideways in Rs 4,060-4,120 on MCX. Natural gas may trade mixed and take support near Rs 193, staring at resistance near Rs 196.

Spices: The bearish trend is likely to prevail in turmeric futures (April) and the downside may get extended towards Rs 6,000. Jeera futures (April) may consolidate in the range of Rs 15,350-15,500. Coriander futures (April) may witness consolidation in Rs 6,400-6,480. Cardamom futures (April) may see a rise till Rs 1,530 as demand outweighs supply.

Oilseeds: The short covering in soybean futures (April) is likely to face resistance near Rs 3,677 level. Soy oil futures (April) are likely to break the support near Rs 735 and descend to Rs 731 owing to the increasing supply pressure of imported edible oil in the domestic market. CPO futures (March) are expected to test Rs 512, taking negative cues from the fundamental factors emerging in the international market. The downtrend of mustard futures (April) is likely to go down further to test Rs 3,700 level.

Other commodities: The upside moves of cotton futures (March) may remain restricted near Rs 21,400 levels. Chana futures (April) are expected to take support near Rs 4,210 and may remain steady. The near-term support is Rs 4,250 levels.

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