NEW DELHI:
Gold prices plummeted in futures trade on Monday as rise in equities eroded the shine of gold as a safe-haven metal.
Indian equities opened with strong gains on Monday in the light of positive global sentiment after the US decided not to impose tariffs on Mexico and weak US jobs data raised hopes for interest rate cuts by the US Fed.
Crude oil, on the other had, moved up, tracking positive global cues. Global crude oil prices rose for second session after the US dropped its threat to impose tariffs on Mexico in a deal to combat illegal migration from Mexico.
Here is an outlook on various commodities by brokerage
Motilal Oswal Securities for today.
Gold: Gold on MCX is expected to quote in range of Rs 32,600 and Rs 33,050, with support at Rs 32,670-32,600 and resistance at Rs 33,050.
Silver: MCX Silver has short-term support at Rs 36770-36630 whereas resistance is at Rs 37050-37170. As per the brokerage, rangebound move will be seen for the session and a price break on either side will give further direction.
Crude oil: As per the brokerage, intraday upside will be seen in MCX Crude oil as long as Rs 3,720-3,680 is held as support. Resistance is at Rs 3,830-3,860. The brokerage advises buying around Rs 3,740-3,720.
Natural gas: Natural gas looks weak for short-term and the brokerage advises selling on rise. The commodity has resistance at Rs 166-168.70 and support at Rs 159-157.
Copper: MCX Copper may trade in a pullback move for the session, with support at Rs 402-400 and resistance at Rs 408-409.50.
Nickel: MCX Nickel may trade with positive bias for the session. Support is at Rs 840-828 and resistance is at Rs 868-880. The brokerage advises buying on dips.
Lead: MCX Lead may trade sideways, in a range of Rs 149.70-152.80.
Zinc: MCX Zinc will trade with positive bias for the session, said the brokerage. The metal looks to target Rs 207.70-208.15. Initial dip toward Rs 204 is a good buying opportunity. Support is at Rs 203.15-201.70.