Commodity outlook: Gold has resistance at Rs 30,210-30,245 levels

NEW DELHI: Gold prices inched up after a sharp fall in the previous session, but a firmer dollar on the back of expectations of higher US interest rates and lingering Sino-US trade tensions capped the precious metal’s gains.

Base metals traded mixed with copper easing due to worries about demand in top consumer China after a state planning official said there were increasing risks to growth in the second half of the year.

Oil prices steadied, supported by news of a fall in Iranian crude supplies as US sanctions deter buyers, but held back by evidence of a rise in US inventories.


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

MCX Gold: MCX Gold has resistance at Rs.30210 - 30245 levels whereas supports remains at Rs.30050 - 29960 area. Buying above resistance is advised for the session. Higher resistance is at Rs.30380 - 30450 levels.

Gold (SPOT): Spot Gold has intraday support at $1195 whereas resistance is at $1214.

MCX Silver: MCX Silver will be trading in a higher range for the session having support at Rs.36800 whereas resistance is at Rs.37230 - 37350. Buying is advised as long as price holds above support.

Silver (SPOT): Spot Silver has key support at $14.45 whereas resistance is at $15.05.

MCX Copper: Stiff resistance zone for MCX Copper remains at Rs.424.50 - 425.50 whereas supports are placed at Rs.421.35 - 419.50. Sideways consolidation within the given range could be seen for the session.

MCX Nickel: Short-term bias for MCX Nickel remains positive and buying is advised as long as Rs.930 - 925 zone is held as strong support. Resistance is at Rs.965 - 970 levels.

MCX Crude Oil: MCX Crude Oil will be trading in a sideways range for the session having resistance at Rs.4890 whereas supports are at Rs.4820 - 4800.

MCX Natural Gas: MCX Natural Gas has strong support at Rs.199.50 whereas resistance is at Rs.202.50 - 204.70 levels. Selling below support is recommended for short-term targeting 196 - 194 area.

MCX Lead: MCX Lead looks positive as long as Rs.145 is held as immediate support. However, upside too will be limited around Rs.147.35 - 148.15 levels. Buying is advised.

MCX Zinc: MCX Zinc has short-term resistance at Rs.180.50 - 181 area whereas supports are placed at Rs.177.45 - 176.50 levels. Short-term upside will extend only if price break and sustains above the resistance zone.

MCX Aluminium: MCX Aluminum remains supported above Rs.148.50 which will act as key support. Resistance is at Rs.151.80 - 153.15 levels.