Commodity outlook: Gold may face resistance at Rs 29825-29945 levels

Stock SectorAugust 9, 20184min3

Gold rebounded for a second successive session primarily on back of weakness in the dollar against its major crosses and following escalating trade war concern between two major economies.

Base metals traded firm yesterday, with copper ticking higher as the dollar weakened against a basket of major currencies as its recent rally fueled by U.S.-China trade tensions appeared to fizzle.

Crude prices fell sharply in Wednesday’s session as bearish factors of trade dispute between the United States and China, weak Chinese import data and a smaller-than-anticipated drop in American crude stockpiles kept pressure on prices.

Here’s a lowdown on the outlook of different commodities by brokerage Motilal Oswal Securities:

MCX Gold: MCX Gold will be trading in a higher range for the day as long as Rs.29570 – 29500 is held as strong support. Resistance is at Rs.29825 – 29945. Buying is advised for the session.

Gold (SPOT):
Immediate support for Spot Gold is at $1207 whereas short-term support is at $1200. Intraday upside towards $1219 – 1225 levels looks possible.

MCX Silver: MCX Silver looks supported above Rs.37900. It is likely to target Rs.38350 – 38450 levels. Buying around Rs.38050 – 38000 is advised.

Silver (SPOT): Spot Silver looks supported for the day and is likely to target $15.75 – 15.85. Support is at $15.30 – 15.15.

MCX Copper: MCX Copper has immediate resistance at Rs.428.50 whereas supports are placed at Rs.422.50 – 420 levels. Buying above resistance is advised targeting Rs.433.

MCX Nickel: MCX Nickel will be trading in a range for the session having support at Rs.950 whereas resistance is at Rs.970 – 975 area.

MCX Crude Oil: MCX Crude Oil will face immediate stiff resistance at Rs.4615 – 4630 and upside will resume only if price break and sustains above the same. Supports are placed at Rs 4570 – 4550 area.

MCX Natural Gas: Upside for MCX Natural Gas could be limited around Rs.203.50 as it will act as stiff resistance. Supports are placed at Rs.196.80 – 195 levels. Buying near support is advised.

MCX Lead: MCX Lead has strong support at Rs.144.35 whereas resistance is at Rs.149.35 – 150.70. Initial dip towards Rs.145.50 will be a good buying opportunity.

MCX Zinc: MCX Zinc looks positive as long as Rs.182 is held as support. Resistance is at Rs.185.70 – 186.50 levels. Buying is advised for the day.

MCX Aluminium: MCX Aluminum has support at Rs.143.70. Resistance is at Rs.147.50 – 148.25. Buying around Rs.145.50 is advised.

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