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    Commodity outlook: Gold has support at $1,450; buy copper on dips

    Synopsis

    MCX Gold has support at Rs.37450 – 37300 whereas resistance is at Rs.37780 – 37940.

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    Spot Silver has resistance at $16.80 whereas support is at $16.40. Sideways to negative movement is expected for the day.
    Gold slipped after China's announced to waive-off import tariffs on some US goods and also better-than-expected US jobs data weighed down on precious metals. Mixed statements from both US and China continue to confuse the market, after China maintained its stance of adding roll back of tariffs in the ‘Phase one’ deal.

    Base metals ended the week on a positive note after being stuck in a range for much of the week. Copper rose sharply after data unexpectedly showed U.S. employment rose at the fastest rate in 10 months in November, suggested the economy was not in danger of stalling

    Crude oil plummeted in early morning session after China data showing that exports of goods and services shrink for fourth straight month as customs data showed exports in November falling 1.1% from year earlier, bringing back concerns about demand slowdown.

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

    MCX Gold
    Gold has support at Rs.37450 – 37300 whereas resistance is at Rs.37780 – 37940. Sideways to negative movement is expected for the day. Selling on rise is advised for the day targeting support level of Rs.37450 - 37300.

    Gold $ (SPOT)
    Spot Gold has key support at $1450 whereas resistance remains at $1480. Sideways to negative movement is expected for the day.

    MCX Silver
    MCX Silver has support at Rs.43450 - 43150 whereas resistance is at Rs.43875 - 44100. Sideways to negative movement is expected for the day. Selling on rise is advised for the day targeting support level of Rs.43450 - 43150.

    Silver $ (SPOT)
    Spot Silver has resistance at $16.80 whereas support is at $16.40. Sideways to negative movement is expected for the day.

    MCX Copper
    MCX Copper is expected to trade sideways to positive with resistance at Rs.438.80 – 440 and support at Rs.435.30 – 433.30. Dip buying is recommended for the day targeting resistance level of Rs.438.80 – 440.

    MCX Nickel
    MCX Nickel is expected to trade sideways with resistance at Rs.989 – 998 and support at Rs.972 – 965 level. Price sustainability below Rs.972 will give further momentum towards 965 level.

    MCX Crude Oil

    MCX Crude Oil has immediate support at Rs.4133 - 4110 whereas resistance is at Rs.4210 - 4250. Sideways to positive momentum is expected for the day and dip buying is recommended targeting resistance level of Rs.4210 – 4250.

    MCX Natural Gas
    MCX Natural Gas has intraday support at Rs.158 – 155.50 whereas resistance is at Rs.162.30 – 165.80. Range bound movement is expected for the day.

    MCX Lead
    MCX Lead is likely to remain sideways to negative for the day with support at Rs.151.60 – 150.80 and resistance at Rs.152.50 – 153.

    MCX Zinc
    MCX Zinc is likely to trade sideways with resistance at Rs.184 – 185.60 and support at Rs.182.10 – 180.50

    MCX Aluminium(Delivery Contract)

    MCX Aluminium is expected to trade sideways with support at Rs.132.20 – 131.40 and resistance remains at Rs.133.50 – 133.90.

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