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    Commodity outlook: Gold, silver to trade in a range; copper, crude oil may fall

    Synopsis

    Spot Gold is expected to trade in a range of $1455- $1478 range.

    ETMarkets.com
    Gold prices traded flat but a little higher following weakness in the dollar against its major crosses. Investors remained concerned about the imminence of a trade deal between the US and China, while slip in riskier assets and US currency capped major losses for the metal

    Base metals have been trading volatile over the last few days with rallies being capped awaiting US-China impending trade truce. Copper was under pressure as weak manufacturing and investment data from China fuelled concerns about demand in US.

    Crude prices fell after surprise build in inventories and new record production in U.S. coming at record of 12.8Mbpd after EIA reported build of 2.2Mbpd compared with expectations for a build of 1.65Mbpd Gasoline inventories rose by 1.9Mbpd while distillate saw drawdown of 2.5Mbpd.

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

    MCX Gold
    MCX Gold price are expected to trade in a range bound market having good support at Rs 37800 level and resistance at Rs 38100 level.

    Gold $ (SPOT)
    Spot Gold is expected to trade in a range of $1455- $1478 range.

    MCX Silver
    MCX Silver price are expected to trade in a range bound market having good support at Rs 43950 level and resistance at Rs 44400 level.

    Silver $ (SPOT)
    Spot Silver is expected to trade in a range of $16.72 - $17.05 range.

    MCX Copper
    MCX Copper price is expected to trade negatively with good resistance at Rs 440 levels and intermediate resistance at Rs 438.50 level. Selling is advised targeting lower support at Rs 436 - 434 zone.

    MCX Nickel
    MCX Nickel price is expected to trade in a range bound market having good support at Rs 1105 level and resistance at Rs 1130 level.

    MCX Crude Oil
    MCX Crude price is expected to trade negatively with good resistance at Rs 4110 levels and intermediate resistance at Rs 4075 level. Selling is advised targeting lower support at Rs 4020 – 3980 zone.

    MCX Natural Gas
    MCX Natural gas price is expected to trade negatively with good resistance at Rs 192 levels and intermediate resistance at Rs 190 level. Selling is advised targeting lower support at Rs 186– 183 zone.

    MCX Lead
    MCX Lead price is expected to trade in a range bound market having good support at Rs 154 levels and resistance at Rs 156 level.

    MCX Zinc
    MCX Zinc price are expected to trade positively with good support at Rs 191 levels and intermediate support at Rs 192.50 level. Buying is advised targeting higher resistance at Rs 194.50 – 195.75 zone.

    MCX Aluminium(Delivery Contract)
    MCX Aluminum price is expected to trade negatively with good resistance at Rs 132.50 levels and intermediate resistance at Rs 131.50 level. Selling is advised targeting lower support at Rs 130.15 – 129 zone.

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