Commodity outlook: How gold, silver, nickel, lead and zinc may trade today
Spot Gold has immediate support at $1560 – 1557 whereas resistance remains at $1575 - 1580.
Gold prices held steady after climbing to a one-week peak in the previous session, as concerns about coronavirus epidemic that has claimed more than 1,000 lives in China offset an uptick in equities.
Base metals after a brief correction rose again on fears of a supply disruption in China as nonferrous metal output will fall at least 10% YoY in February, but operations are expected to normalise after Q2.
Motilal Oswal Commodities Research lists how different commodities may trade in the second half of the session today:
MCX Gold
MCX Gold will be trading in a range for the session. Support is placed at Rs 40280 – 40200 whereas resistance is at Rs 40580 – 40650.
Gold $ (SPOT)
Spot Gold has immediate support at $1560 – 1557 whereas resistance remains at $1575 - 1580.
MCX Silver
MCX Silver has intraday supports at Rs 45840 - 45700 whereas resistance is at Rs 46140 - 46200 levels. Sideways consolidation within the given range will be seen.
Silver $ (SPOT)
Spot Silver has immediate supports at $17.60 – 17.50 whereas resistance is at $17.80 – 17.90.
MCX Copper
MCX Copper has immediate support at Rs 431.10 – 429.90 whereas resistance is at Rs 435 – 436.50. Intraday upside will be seen, but our bias will negate below support.
MCX Nickel
MCX Nickel looks supportive for the session. Support is placed at Rs 947 – 940 whereas resistance is at Rs 962 – 970. Dip buying near support is advised for the day.
MCX Crude Oil
MCX Crude Oil will trade in a range for the session. Support is placed at Rs 3540 – 3520 whereas resistance is at Rs 3625.
MCX Natural Gas
MCX Natural Gas looks weak below resistance at Rs 128.80 – 131.50. Support is placed at Rs 124 – 122 levels. Selling on rise is advised for the day.
MCX Lead
MCX Lead will trade in a range of Rs 142 – 146. Sideways consolidation will be seen for the session.
MCX Zinc
MCX Zinc looks weak below resistance at Rs 170. Support is placed at Rs 166 – 164.50. Selling is recommended for the session.
MCX Aluminium(Delivery Contract)
MCX Aluminum looks weak below resistance at Rs 138.35 - 139.50. Support is placed at Rs 134.90 – 133.70.
Base metals after a brief correction rose again on fears of a supply disruption in China as nonferrous metal output will fall at least 10% YoY in February, but operations are expected to normalise after Q2.
Motilal Oswal Commodities Research lists how different commodities may trade in the second half of the session today:
MCX Gold
MCX Gold will be trading in a range for the session. Support is placed at Rs 40280 – 40200 whereas resistance is at Rs 40580 – 40650.
Gold $ (SPOT)
Spot Gold has immediate support at $1560 – 1557 whereas resistance remains at $1575 - 1580.
MCX Silver
MCX Silver has intraday supports at Rs 45840 - 45700 whereas resistance is at Rs 46140 - 46200 levels. Sideways consolidation within the given range will be seen.
Silver $ (SPOT)
Spot Silver has immediate supports at $17.60 – 17.50 whereas resistance is at $17.80 – 17.90.
MCX Copper
MCX Copper has immediate support at Rs 431.10 – 429.90 whereas resistance is at Rs 435 – 436.50. Intraday upside will be seen, but our bias will negate below support.
MCX Nickel
MCX Nickel looks supportive for the session. Support is placed at Rs 947 – 940 whereas resistance is at Rs 962 – 970. Dip buying near support is advised for the day.
MCX Crude Oil
MCX Crude Oil will trade in a range for the session. Support is placed at Rs 3540 – 3520 whereas resistance is at Rs 3625.
MCX Natural Gas
MCX Natural Gas looks weak below resistance at Rs 128.80 – 131.50. Support is placed at Rs 124 – 122 levels. Selling on rise is advised for the day.
MCX Lead
MCX Lead will trade in a range of Rs 142 – 146. Sideways consolidation will be seen for the session.
MCX Zinc
MCX Zinc looks weak below resistance at Rs 170. Support is placed at Rs 166 – 164.50. Selling is recommended for the session.
MCX Aluminium(Delivery Contract)
MCX Aluminum looks weak below resistance at Rs 138.35 - 139.50. Support is placed at Rs 134.90 – 133.70.