Gold prices edged higher on increasing bets of an
interest rate cut by global central banks to mitigate economic impact from the fast spreading
coronavirus outbreak.
Base metals took a breather over the last couple of days and domestic metals are faring better on back of a weakening rupee. LME copper surged to the highest in a week as grim manufacturing data from China fuelled hopes of global policy support to counter the economic fallout from the coronavirus epidemic.
Oil prices surged by 5 per cent in Monday's session, seeing recovery for a 2nd consecutive session.
Motilal Oswal Commodities Research lists how different commodities may trade in the second half of the session today:
MCX Gold
MCX Gold has strong resistance at Rs 42370 - 42400 whereas support is placed at Rs 42090 - 41950. Sideways consolidation within the given range will be seen.
Gold $ (SPOT)
Spot Gold has intraday support at $1590 - 1585 whereas resistance is at $1605 – 1612 area.
MCX Silver
MCX Silver has resistance at Rs 45610 – 45830 whereas supports are placed at Rs 45160 - 44980. Range bound move will be seen for the session.
Silver $ (SPOT)
Spot Silver has supports at $16.68 – 16.55 whereas resistance is at $17.02 – 17.20.
MCX Copper
MCX Copper has intraday support at Rs 427.75 whereas resistance is at Rs 432.35 – 433.70 levels. Buying is advised for the session, but our bias will negate below support.
MCX Nickel
MCX Nickel has immediate resistance at Rs 942 – 944 zone whereas support is placed at Rs 924 -920 area. For the session, buying near support OR above resistance is advised.
MCX Crude Oil
MCX Crude Oil will be trading in a range for the session. Support is placed at Rs 3495 – 3465 whereas resistance is at Rs 3580.
MCX Natural Gas
MCX Natural Gas looks weak below resistance at Rs 135. Supports are placed at Rs 129 – 126.30. Selling is recommended for the session.
MCX Lead
MCX Lead will face stiff resistance at Rs 146.60 whereas support is placed at Rs 142.50 – 141.10 levels. Upside will only be seen if price break and sustains above resistance.
MCX Zinc
MCX Zinc looks supportive for the session as long as Rs 155.50 – 154.70 is held as support. Resistance is at Rs 158.20 – 159.50.
MCX Aluminium(Delivery Contract)
MCX Aluminum will trade in a higher range for the session. Support is placed at Rs 137.70 – 136.50 whereas resistance is at Rs 141.10 – 142.50.