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Commodity outlook: Buy gold, nickel on dips; sell copper

MCX Gold has support at Rs 39095 – 38920 whereas resistance is at Rs 39280 – 39400.

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Last Updated: Dec 31, 2019, 04.47 PM IST
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Performance of commodities
MCX Aluminium is expected to trade positive with support at Rs 137.40 – 136.80 and resistance remains at Rs 138.20 – 138.70.
Gold is set on a good pace, hovering near the highest level in two months amid weakness in the dollar index and increased speculative positions, thereby showing confidence in the metal. Dollar index fell against a basket of rivals, making gold cheaper for holders of other currencies.

Base metals have been consolidating for the last few days and the trend could continue for another couple of days. Copper is holding around 8 month highs on easing global trade tensions and China unveiled a measure to support flagging economic growth. We have seen the market firm on risk appetite, with the trade war tension easing and some green shoots in China.

Crude prices was on track for biggest yearly gain since 2016 and poised for its best year in three after a breakthrough in US-China trade talks and a commitment by Opec. China's agriculture ministry reported that it had approved two new genetically modified crops for import from the US The heightened Geopolitical risk in Middle East also pushed prices higher.

Motilal Oswal Commodities Research lists how different commodities may trade in the second half of the session today:

MCX Gold
MCX Gold has support at Rs 39095 – 38920 whereas resistance is at Rs 39280 – 39400. Sideways to positive movement is expected for the day. Buying on dip is advised targeting resistance level of Rs 39280 – 39400.

Gold $ (SPOT)

Spot Gold has key support at $1510 whereas resistance remains at $1540. Sideways to positive movement is expected for the day.

MCX Silver
MCX Silver has support at Rs 47000 - 46760 whereas resistance is at Rs 47350 - 47520. Sideways to positive movement is expected for the day. Dip buying is recommended targeting resistance level of Rs 47350 – 47520.

Silver $ (SPOT)
Spot Silver has resistance at $18.25 whereas support is at $17.90. 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 – 445.50 and support at Rs 441.50 – 439.80. It is advised to selling on rallies targeting support level of Rs 441.50 – 439.80.

MCX Nickel
MCX Nickel is expected to trade sideways to positive with resistance at Rs 1053 - 1060 and support at Rs 1037 – 1027 level. Buying on dip is recommended for the day targeting resistance level of Rs 1053 – 1060.

MCX Crude Oil

MCX Crude Oil has immediate support at Rs 4380 - 4350 whereas resistance is at Rs 4420 - 4450. Sideways to positive movement is expected for the day.

MCX Natural Gas
MCX Natural Gas has intraday support at Rs 156.20 – 154.20 whereas resistance is at Rs 158.60 – 160. Bias remains sideways for the day.

MCX Lead

MCX Lead is likely to remain sideways for the day with support at Rs 151.60 – 150.80 and resistance at Rs 152.60 – 153.20.

MCX Zinc
MCX Zinc is likely to trade sideways with resistance at Rs 180.20 – 181.50 and support at Rs 179.20 – 178.50.

MCX Aluminium(Delivery Contract)

MCX Aluminium is expected to trade positive with support at Rs 137.40 – 136.80 and resistance remains at Rs 138.20 – 138.70.

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