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Gold prices fell from one-week highs hit in the previous session, as intensifying US-China trade war with another round of tariffs and expectations of higher interest rates lifted dollar.
Base metals traded mixed with copper falling for a second session as a trade dispute between Washington and Beijing deepened, triggering concerns about demand for industrial metals.
Oil prices slipped as an escalating trade dispute between the United States and China outweighed the bullish impact of a decline in US commercial crude inventories.
Oil demand is closely linked to economic activity and trade dispute has already led to trimming of forecasts for future energy consumption.
Here’s a lowdown on the outlook of different commodities by brokerage Motilal Oswal Securities:
MCX Gold: MCX Gold has immediate stiff resistance at Rs.29665 whereas support is at Rs.29540.
Price is likely to trade in a range for the session and price sustained break on either side will signify further direction.
Gold (SPOT): Spot Gold has resistance at $1193 - 1197 whereas supports are placed at $1180 - 1175.
Price break above resistance will confirm positive move towards $1205 - 1210 area.
MCX Silver: MCX Silver intraday resistance at Rs.36770 - 36825 zone whereas supports are placed at Rs.36400 - 36300 area.
Selling is advised as long as price holds below resistance zone.
Silver (SPOT): Spot Silver has stiff resistance at $14.80 whereas supports remains at $14.30 - 14.15 area.
MCX Copper: Recent low Rs.405.25 will act as key support for MCX Copper whereas resistance is at Rs.410.35 - 412.50 area.
Initial pullback towards resistance area could be seen.
Buying is advised for the day.
MCX Nickel: MCX Nickel has short-term support at Rs.915 - 905 whereas immediate resistance is at Rs.942.
Sideways-to-positive move will be seen in short-term.
MCX Crude Oil: MCX Crude Oil has strong support at Rs.4720 - 4700 levels whereas resistance is at Rs.4800 - 4830 area.
Bias remains positive as long as price holds above support.
MCX Natural Gas: Immediate upside could be seen in MCX Natural Gas as long as Rs.205 is held as support.
Resistance is at Rs.209.50 - 210.70 levels.
Buying is advised for the session.
MCX Lead: MCX Lead looks positive for the day as long as Rs.139 is held as support.
Resistance is at Rs.142.60 - 143.80 area.
Dip buying is advised.
MCX Zinc: MCX Zinc looks to trade in a range for the session having support at Rs.171.15 whereas resistance is at Rs 174.
MCX Aluminium: MCX Aluminum looks positive for the day and is likely to test Rs.144.25 - 145.50 levels.
Supports are placed at Rs.141.60 - 140.80.
