Commodity outlook: Gold has support at Rs 30,150-30,100 levels

NEW DELHI: Gold prices inched lower on Wednesday, settling at their lowest in a week, following strength in the dollar against its major crosses. Recent upbeat data on the US economy backed expectations for further Federal Reserve interest-rate hikes is keeping gains capped for yellow metal.

Base metals came under pressure after a brief pullback, with LME aluminium prices also falling for the first time in six sessions in early Asian trade on Thursday, after US President Donald Trump allowed relief on aluminium import quotas from Argentina.

Crude traded higher to highest in more than month, extending gains as strong decline in crude oil inventories, gasoline inventories and also higher gasoline demand. Meanwhile, Brent’s premium to WTI has encouraged exports of crude, keeping inventories lower and boosting activity.


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

MCX Gold: MCX Gold looks positive for the session as long as Rs.30150 - 30100 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: Today's low around Rs.37770 will act as key support for MCX Silver whereas resistance is at Rs.38150 - 38350 area. Sideways consolidation could be seen for the session.

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

MCX Copper: MCX Copper has strong support at Rs.426 whereas resistance is at Rs.433.75. The metal is likely to trade in a recommended range and price sustained break on either side will give further trend direction.

MCX Nickel: MCX Nickel has intraday resistance at Rs.938 - 942 whereas supports are placed at Rs.920 - 910 levels. Upside will resume only if price break and sustains above the resistance area. Higher resistance is at Rs.965.

MCX Crude Oil: MCX Crude Oil looks weak for the session as long as Rs.4980 - 5010 is capped as resistance. Supports are placed at Rs.4915 - 4880 levels. Selling on rise is advised.

MCX Natural Gas: MCX Natural Gas will trade with positive bias as long as Rs.204.70 is held as support. It is likely to target Rs.208.50 - 209.50 levels.

MCX Lead: MCX Lead has support at Rs.146.25 whereas resistance is at Rs.149.50. Intraday buying around Rs.147.15 is advised for the session.

MCX Zinc: Immediate resistance for MCX Zinc is at Rs.180 whereas support is at Rs.177.15 - 176.50 levels. Initial weakness towards support are could be seen.

MCX Aluminium: MCX Aluminum will face stiff resistance at Rs.153.50 whereas support is at Rs.150.25 - 149.50 area. Intraday selling is advised as long as price holds below resistance.