Commodity outlook: Gold may find it tough to top 30,920 level

NEW DELHI: Gold and silver were trading mixed in the domestic futures market, whereas MCX crude oil was in the lower terrain amid weakness in global markets.

Around 11:20 am, the MCX Gold was trading at Rs 30,856 per 10 gram, up by Rs 31, while MCX Silver was trading at Rs 36,944 per kilo, down Rs 35. The MCX Crude oil was trading at Rs 3,887 per barrel, lower by Rs 62.

We bring you projections on commodities from various brokerages:

Motilal Oswal Securities

MCX Gold: MCX Gold is expected to trade in the range of Rs 30,750-31,150 with a negative bias. It has resistance at Rs 30,880-30,920, whereas support remains at Rs 30,750. Sustained trade below this level could increase the bearish momentum and prices could test lower support at Rs 30,620. The brokerage advises selling on the rise in the commodity.

MCX Silver: MCX Silver has a lower support at Rs 36,290-36,190, whereas higher resistances are at Rs 37,300-37,460 mark. The brokerage expects a sideways consolidation in the commodity for the session.

MCX Copper: MCX Copper is expected to trade higher as long as Rs 434 is holding as support. It has immediate resistance at Rs 439.50. The support remains at Rs 436. The brokerage advises buying above the resistance, targetting higher resistances at Rs 442.50- 444.

MCX Nickel: MCX Nickel remains bearish below Rs 810. It has immediate resistances at Rs 785-790 and support at Rs 775- 760.

MCX Lead: MCX Lead is expected to trade higher as long as Rs 138 is held as short-term support. The brokerage advises buying above the support. The commodity has intraday supports at Rs 141-140.40. It has resistance at Rs 142.90-144.20.

MCX Zinc: Zinc is expected to trade in the range of Rs 184-189. It has lower supports at Rs 182.90-181.60, with higher resistances at Rs 191-193.

MCX Aluminium: Aluminium is expected to trade in the range of Rs 137-140. Breach on either side would be decisive, as per the brokerage. Lower support for the commodity is placed at Rs 135-134. Higher resistances are at Rs 141.20-142.20.

SMC Global

Spices: Turmeric futures (December) are expected to trade sideways in the range of Rs 6,430-6,500 levels. Jeera futures will possibly plunge towards Rs 19,200 levels. The uptrend is likely to persist in coriander futures as it can take support near Rs 6,300 levels due to a likely fall in acreage due to dry conditions in Rajasthan and Gujarat–the top producers.

Oilseeds: Soybean futures (December) are expected to trade with an upside bias in the range of Rs 3,385-3,450 levels. Mustard futures will possibly trade with a downside bias face resistance near Rs 4,115 levels. Crude palm oil (CPO) futures are expected to trade sideways in the range of Rs 500-510 levels.

Other Commodities: Cotton futures are expected to face resistance near Rs 22,100 levels the upside may remain capped. Guar seed futures are expected to witness a correction towards Rs 4,300 if breaks 4,405 levels. Chana futures are likely to trade higher towards Rs 4,675-4,750 levels.

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