Gold prices continued to inch higher at a gradual pace and held near its highest level in two months as investors following tensions between the US and Middle East escalated. The US officials said that the air strikes in Iraq and Syria against an Iran backed militia group was successful and also warned that additional actions might still be taken in the region to defend US interests.
Aluminium prices fell in London and were on course for their first daily drop in seven sessions after Norsk Hydro said it had resumed bauxite production in Brazil and was ramping up alumina output. Premiums for aluminium shipments to Japan for first quarter of 2020 were set at $83 per tonnes, down 14 per cent from previous quarter amid soft demand from electronics and auto companies, two sources directly involved in the pricing talks said.
Crude prices ended week on positive note, posting longest run of weekly gains since April. The main triggers supporting prices were US inventory data and ease of tension between US-China. Markets cheered positive data showing profits at China’s industrial firms rose at fastest pace in 8months in Nov.
Motilal Oswal Commodities Research lists how different commodities may trade in the second half of the session today:
MCX Gold has support at Rs 38870 – 38760 whereas resistance is at Rs 39095 – 39280. Sideways to positive movement is expected for the day. Buying on dip is advised targeting resistance level of Rs 39095 – 39280.
Gold $ (SPOT)
Spot Gold has key support at $1495 whereas resistance remains at $1525. Sideways to positive movement is expected for the day.
MCX Silver has support at Rs 46490 – 46220 whereas resistance is at Rs 47080 – 47230. Sideways to positive movement is expected for the day. Dip buying is recommended targeting resistance level of Rs 47080 – 47230.
Silver $ (SPOT)
Spot Silver has resistance at $18.05 whereas support is at $17.65. Sideways to positive movement is expected for the day.
MCX Copper is expected to trade sideways to negative with resistance at Rs 446.50 – 447.60 and support at Rs 444.10 – 442.70.
MCX Nickel is expected to trade sideways to positive with resistance at Rs 1052 – 1060 and support at Rs 1037 – 1027 level. Buying on dip is recommended for the day targeting resistance level of Rs 1052 – 1060.
MCX Crude Oil
MCX Crude Oil has immediate support at Rs 4390 – 4360 whereas resistance is at Rs 4435 – 4460. Sideways to positive movement is expected for the day.
MCX Natural Gas
MCX Natural Gas has intraday support at Rs 158.50 – 156.20 whereas resistance is at Rs 161.50 – 162.80. Bias remains sideways for the day.
MCX Lead is likely to remain sideways for the day with support at Rs 152.20 – 151.60 and resistance at Rs 153.30 – 153.80.
MCX Zinc is likely to trade sideways to positive with resistance at Rs 181.50 – 182.30 and support at Rs 180.20 – 179.50.
MCX Aluminium(Delivery Contract)
MCX Aluminium is expected to trade positive with support at Rs 136.80 – 136 and resistance remains at Rs 138.10 – 138.70.
Source: Economic Times