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Commodity outlook: Gold, sliver likely to consolidate; sell nickel

Spot Gold has intraday support at $1480 - 1470 whereas resistance is at $1505.

ETMarkets.com|
Nov 06, 2019, 04.57 PM IST
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Gold prices eased for second session in a row as US-China trade deal hopes buoyed the dollar and improved the risk appetite. In the last few sessions optimism over trade talks between US and Chinese officials are keeping the momentum weighed down for precious metals. China commented that it needs firmer US commitments on lifting tariffs if President Trump wants to seal a deal.

Base metals complex rallied with Aluminium and Copper hitting their highest levels in seven weeks on enthusiasm for Trade war tension ease. China’s September output slipped 1.6% year on year, hit by continuing outages at two smelters.

Crude prices traded negative after touching the highest levels in yesterday’s session after data from API which showed a larger-than-expected build-up in U.S. crude stockpiles however, the easing of Trade war tensions between U.S. and China capped losses. API data showed inventories rose by 4.3 Mbpd which is nearly triple analysts' forecast for an increase of 1.5Mbpd.

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

MCX Gold
MCX Gold has intraday support at Rs 37865 – 37770 whereas resistance is at Rs 38165 - 38250. Sideways consolidation will be seen for the session.

Gold $ (SPOT)
Spot Gold has intraday support at $1480 - 1470 whereas resistance is at $1505.

MCX Silver
MCX Silver has key supports at Rs 45335 – 45250 whereas resistance is at Rs 45690 – 45810 area. Consolidation within the given range will be seen for the session.

Silver $ (SPOT)
Spot Silver has resistance at $17.75 – 17.90 whereas support is at $17.35.

MCX Copper
MCX Copper will trade with positive bias for the session. Support remains at Rs 439 – 437.35 whereas resistance is at Rs 446 – 447.50. Initial dip towards Rs 442 will be a good buying opportunity.

MCX Nickel
MCX Nickel looks weak for the session. Short-term support remains at Rs 1158 – 1145 whereas resistance is at Rs 1195 – 1205. Selling near resistance is recommended for the day.

MCX Crude Oil
MCX Crude Oil will trade in a range for the session. Support is at Rs 3980 whereas resistance is at Rs 4090. Price break below support will signify weakness in price towards Rs 3900.

MCX Natural Gas
MCX Natural Gas has intraday support at Rs 201.80 - 198 whereas resistance is at Rs 206.30 – 208 area. Bias remains positive and dip buying is advised for the day.

MCX Lead
MCX Lead is likely to remain in a sideways range having support at Rs 155.30 whereas resistance is at Rs 158.50

MCX Zinc
MCX Zinc could trade in a higher range for the session. Support remains at Rs 188.70 – 187 whereas resistance is at Rs 192.50 – 193.85.

MCX Aluminium (Delivery Contract)
MCX Aluminum looks positive for short-term. Support is at Rs 132.25 – 131 whereas resistance is at Rs 136.35.

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