Gold prices traded mixed on comments from Federal Reserve Chair Jerome Powell giving positive vibes about the US economy. He mentioned that the US economy is in a good shape, despite the uncertainties he does not expect a US recession. On the other hand improved risk appetite offset was the weaker than expected non-farm payroll numbers, with retail hiring continuing to decline for a seventh straight month which gave metal some support but just for a little while.
Base metals were weighed down on the LME after data released from China during the weekend showed exports fell unexpectedly pointing to further weakness in economy.
Crude prices rose and were headed for a fourth day of gains and were also supported by comments from UAE minister saying
OPEC and its allies are committed to balancing crude market.
MCX Gold
MCX has intraday support at Rs 38,390–38,330 whereas resistance is at Rs 38,735-38,810. Sideways consolidation within the given range will be seen.
Gold $ (SPOT)
Spot Gold has strong support at $1,490–1,480 whereas resistance remains at $1,523-1,530.
MCX Silver
MCX Silver has strong resistance at Rs 48,120–48,250 zone whereas supports are placed at Rs 47,570–47,350 levels. Sideways consolidation will be seen for the session.
Silver $ (SPOT)
Spot Silver has strong support at $17.95 whereas resistance is at $18.40.
MCX Copper
MCX Copper has immediate support at Rs 449–447.70 whereas resistance is at Rs 455.70. Intraday upside will be seen as long as price holds above support.
MCX Nickel
MCX Nickel looks weak below resistance at Rs 1,272–1,285 levels. Selling is advised but our bias will negate above resistance levels. Support is placed at Rs 1,240–1,225 levels.
MCX Crude Oil
MCX Crude Oil will trade in a higher range for the session. Support is at Rs 4,033-4,005 whereas resistance is at Rs 4,115–4,155 area. Initial upside towards the resistance area will be seen.
MCX Natural Gas
MCX Natural Gas looks positive for the session targeting Rs 184–186 area. Support is at Rs 177–175 levels. Buying on dip is advised for the day.
MCX Lead
MCX Lead will face stiff resistance at Rs 156.10–156.60 whereas support is at Rs 152.90–152.30 levels. Range bound move within the given range will be seen.
MCX Zinc
MCX Zinc will trade in a range for the session. Support is at Rs 182.80 whereas resistance is at Rs 186.15.
MCX Aluminium (Delivery Contract)
MCX Aluminium looks to trade in a range having resistance at Rs 141.85 whereas support is at Rs 139.