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Commodity outlook: Buy gold, silver; sell copper, lead and zinc

MCX Gold price is expected to trade positively with good support at Rs 38100 levels and intermediate support at Rs 38250 level.

ETMarkets.com|
Oct 31, 2019, 05.23 PM IST
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MCX Crude is expected to trade in a range bound market having good support at Rs 3850 level and resistance at Rs 3950 level.

Commodity Summary
MCX

GOLD
CRUDEOIL
COPPER
ZINC
Gold gained ahead of the Fed’s third rate cut for the year by 25bps year but hinted that it may take a pause and would be more data dependent before considering raising rates. In Fed’s policy meeting yesterday, with a rate cut Governor Powell said that economy is expected to grow at a moderate rate and the monetary policy is in a good place although Fed will not be thinking about rate hikes for now unless there is a dramatic change in inflation

Base metals yesterday pressurized by slowing demand on weak manufacturing data from China, and amid worries about further delays in a Sino-U.S. trade deal. Chinese factory activity shrank for the sixth straight month in October.

Crude prices weakened for the fourth session after a surge in U.S. inventories surprised investors, overshadowing an interest rate cut by the Federal Reserve. Prices got further pressurized after U.S. and Chinese officials indicated that they are moving to finalize the phase one trade deal on Oct. 30, the same day when Chile announced that it would no longer host major APEC meeting, due next month.

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

MCX Gold
MCX Gold price is expected to trade positively with good support at Rs 38100 levels and intermediate support at Rs 38250 level. Buying is advised targeting higher resistance at Rs 38500 – 38650 zone.

Gold $ (SPOT)
Spot Gold is expected to trade in a range of $1502 - $1527 range with positive bias.

MCX Silver
MCX Silver price is expected to trade positively with good support at Rs 46250 levels and intermediate support at Rs 46500 level. Buying is advised targeting higher resistance at Rs 47050 – 47350 zone.

Silver $ (SPOT)
Spot Silver is expected to trade in a range of $17.80 - $18.35 range with positive bias.

MCX Copper
MCX Copper price is expected to trade negatively with good resistance at Rs 443.50 levels and intermediate resistance at Rs 441.50 level. Selling is advised targeting lower support at Rs 439 – 437 zone.

MCX Nickel
MCX Nickel price is expected to trade in a range bound market having good support at Rs 1185 level and resistance at Rs 1210 level.

MCX Crude Oil
MCX Crude is expected to trade in a range bound market having good support at Rs 3850 level and resistance at Rs 3950 level.

MCX Natural Gas
MCX Natural gas price is expected to trade positively with good support at Rs 189 levels and intermediate support at Rs 191 level. Buying is advised targeting higher resistance at Rs 195 – 197 zone.

MCX Lead
MCX Lead price is expected to trade negatively with good resistance at Rs 160 levels and intermediate resistance at Rs 158.50 level. Selling is advised targeting lower support at Rs 157 – 155.50 zone.

MCX Zinc

MCX Zinc price is expected to trade negatively with good resistance at Rs 190 levels and intermediate resistance at Rs 189 level. Selling is advised targeting lower support at Rs 187 – 185 zone.

MCX Aluminium (Delivery Contract)
MCX Aluminum price is expected to trade negatively with good resistance at Rs 133 levels and intermediate resistance at Rs 132 level. Selling is advised targeting lower support at Rs 131 – 130 zone.

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