Commodity outlook: Gold has stiff resistance at Rs 30,700 level

NEW DELHI: Crude oil prices steadied in Monday’s session, but still traded below $60 per barrel in global markets amid concerns over possible oversupply and a slowdown in demand.

Gold prices were lacklustre on dollar’s rise amid worries over weak global economic growth weighed on the counter.

In the domestic futures market, gold price swung between gains and losses. At around 10:50 am, the MCX Gold was at Rs 30,525 per 10 gram, up by Rs 30. MCX Silver was at Rs 36,215 per kilo, up by Rs 154, while MCX Crude oil was at Rs 3,608 per barrel, down by Rs 15.

We bring you projections on various commodities by SMC Global:

Bullions: Bullion counter may trade with sideways bias. Gold can take support near Rs 30,350 and can face resistance near Rs 30,700 on MCX. While silver can take support near Rs 35,850 and can face resistance near Rs 36,300.

Base metals: Base metals prices may trade with sideways bias. Copper can face resistance near Rs 435 and can take support near Rs 425. Zinc can face resistance near Rs 184 and support near Rs 179. Lead can take support near Rs 136 and can face resistance near Rs 140. Nickel can take support near Rs 750 while its upside will be capped near Rs 770. Aluminium can take support near Rs 135 levels while it has a resistance near Rs 138 levels.

Energy: Crude oil may trade with mixed bias as some short covering at lower levels can be seen after the sharp fall witnessed last week. MCX Crude oil can take support near Rs 3,550 and has a resistance near Rs 3,720. Natural gas may move in the range of Rs 295-310 in MCX.

Spices: Turmeric futures (December) is expected to trade sideways in the range of Rs 6,440-6,540. Jeera futures (December) is likely to witness a correction may test Rs 19,200. Coriander futures (December) may continue to hold the uptrend take support near Rs 6,040.

Oilseeds: Soybean futures (December) is expected to trade sideways to up in the range of Rs 3,400-3,440. The overall bias is positive on expectations of a fall in arrivals. Mustard futures (December) will possibly witness some lower buying near Rs 4,080 witness gain towards Rs 4,125-4,140. Looking at the bounce back in CPO futures (December) from Rs 495, it seems that the downtrend will take a back seat we may see more short covering towards Rs 520-525.

Other commodities: The downtrend of cotton futures (December) will resume test Rs 21,600-21,500 if it breaks the weekly support near Rs 21,790. Guar seed futures (December) is expected to remain on the correction path the short covering might face resistance near 4515-4535, while guar gum (December) may remain below Rs 9,305 levels. The outlook of chana futures (December) is bullish it may take support near Rs 4,550.

Saurabh-Mukherjea-Creative

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