Commodity outlook: Buy gold as long as it holds Rs 30,130-30,070 levels

Gold was weighed down for a third successive session following broad strength in the dollar, but losses remained restricted on back of worries about escalating global trade tensions.

Base metals were volatile for yet another session giving up some gains from higher levels, as an unexpected boost in China's manufacturing sector was offset by more trade tensions.

Crude prices dipped in early morning session with WTI near its crucial $70 levels due to rising supply from Opec and US which overshadowed concerns that falling Iranian output will tighten markets once U.S. sanctions. OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq's southern exports hit a record.


Here’s a lowdown on the outlook of different commodities by brokerage Motilal Oswal Securities for today’s evening trade:

MCX Gold: Bias for MCX Gold remains positive for the session as long as Rs 30130 - 30070 is held as support. Resistance is at Rs.30415 - 30475 levels. Buying is advised.

Gold (SPOT): Spot Gold looks supportive as long as $1195 is held as support. Resistance is at $1214 - 1220.

MCX Silver: MCX Silver will trade with positive bias for the session as long as Rs.37300 is held as support. However, upside too will be capped around Rs.37700 - 37850 area. Intraday buying is advised.

Silver (SPOT): Spot Silver has key support at $14.35 whereas short-term resistance remains at $14.90 - 15.05.

MCX Copper: MCX Copper has strong support at Rs.420 - 418.50 whereas resistance is at Rs.428 - 430 levels. Initial dip towards Rs.422 - 421 will be a good buying opportunity.

MCX Nickel: MCX Nickel will be trading in a range for the session. Support is at Rs.900 whereas resistance is at Rs.918. Price break on either side will give further move.

MCX Crude Oil: Strong resistance for MCX Crude Oil is capped at Rs.5025 - 5045 whereas intraday support is at Rs.4935 - 4910 levels. Sideways-to-negative move could be seen as long as price holds below resistance.

MCX Natural Gas: MCX Natural Gas looks supported above Rs.198.50. Buying around Rs.202.50 - 201.50 is advised for the session. Resistance is at Rs.205.50 - 207.50.

MCX Lead: MCX Lead has immediate resistance at Rs.151.75 whereas support is at Rs.149 - 147.80. Upside for the metal will extend only if price break above the resistance area.

MCX Zinc: Immediate resistance for MCX Zinc is at Rs.178 whereas support is at Rs.175.15 - 174 levels. Sideways consolidation within the given range will be seen.

MCX Aluminium: MCX Aluminum will face stiff resistance at Rs.151 - 151.70 whereas supports are at Rs.148.40 - 147 area. Intraday selling is advised as long as price holds below resistance.