11,633.30-45.2
Stock Analysis, IPO, Mutual Funds, Bonds & More

Commodity Outlook: Buy gold and silver on dips; sell copper, nickel

Momentum in the precious metal was triggered by the death of Iranian Major General

ETMarkets.com|
Last Updated: Jan 06, 2020, 05.51 PM IST
0Comments
Gold touched all-time high levels in the domestic market, as intensifying tensions in the Middle East drove investors towards safe haven assets. Momentum in the precious metal was triggered by the death of Iranian Major General Qassem Salemani and Iraqi militia commander in an air strike by the US.

Base metals have been consolidating as market is now shifting from a risk-on to risk-off mode and action in commodities look to be shifting towards precious metals and crude. LME copper has been trading firm on policy easing by China and soon-to-be signed trade deal between Washington and Beijing boosted prospects of higher demand for the ductile metal.

Crude prices touched nine-month high with Brent touching $70 level after a surprise escalation in the Middle East after a fresh blow to stability in region.

MCX Gold
MCX Gold has support at Rs 40750 – 40600 whereas resistance is at Rs 41100 – 41330. Sideways to positive movement is expected for the day. Buying on dip is advised targeting resistance level of Rs 41100 – 41330.

Gold $ (SPOT)
Spot Gold has key support at $1550 whereas resistance remains at $1595. Sideways to positive movement is expected for the day.

MCX Silver
MCX Silver has support at Rs 48180 - 47900 whereas resistance is at Rs 48660 - 48820. Sideways to positive movement is expected for the day. Dip buying is recommended targeting resistance level of Rs 48660 – 48820.

Silver $ (SPOT)
Spot Silver has resistance at $18.55 whereas support is at $18.10. Sideways to positive movement is expected for the day.

MCX Copper
MCX Copper is expected to trade sideways to negative with resistance at Rs 444.30 – 446 and support at Rs 441 – 438.60. It is advised to sell on rallies targeting support level of Rs 441 – 438.60.

MCX Nickel
MCX Nickel is expected to trade sideways to negative with resistance at Rs 1032 - 1041 and support at Rs 1012 – 1006 level. Sell on rise is advised targeting support level of Rs 1012 – 1006.

MCX Crude Oil
MCX Crude Oil has immediate support at Rs 4560 - 4510 whereas resistance is at Rs 4630 - 4670. Positive movement is expected for the day. Buying on dip is recommended for the day targeting resistance level of Rs 4630 – 4670.

MCX Natural Gas
MCX Natural Gas has intraday support at Rs 153.20 – 151.50 whereas resistance is at Rs 157.50 – 159. Bias remains sideways to negative for the day.

MCX Lead
MCX Lead is likely to remain sideways for the day with support at Rs 151.80 – 151.30 and resistance at Rs 153 – 153.60.

MCX Zinc
MCX Zinc is likely to trade sideways with resistance at Rs 182.30 – 183 and support at Rs 180.70 – 180.

MCX Aluminium(Delivery Contract)
MCX Aluminium is expected to trade sideways to positive with support at Rs 139.30 – 138.70 and resistance remains at Rs 141 – 141.50.
Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service