Gold prices edged up after a brief fall ahead of the signing of an interim trade deal between the US and China. A top US official said tariffs on China would stay until a Phase two deal is completed. President Donald Trump could consider easing tariffs if the two countries move quickly to seal a follow up deal.
Major base metals came under pressure as hopes for a smooth signing of the US-China Phase one trade deal vanished.
Crude oil prices rebounded after seller exhaustion jolted the market as investors await next developments.
Motilal Oswal Commodities Research lists how different commodities may trade in the second half of the session today:
MCX Gold
MCX Gold has support at Rs 39370 – 39260 whereas resistance is at Rs 39760 – 39970. Bias remains sideways for the day. Minor pullback can be seen near the immediate resistance level of Rs 39760.
Gold $ (SPOT)
Spot Gold has key support at $1530 whereas resistance remains at $1575. Sideways movement is expected for the day.
MCX Silver
MCX Silver has support at Rs 46000 – 45800 whereas resistance is at Rs 46320 – 46550. Sideways movement is expected for the day. Pullback can be seen near immediate resistance level of Rs 46320 and price sustainability above the same will given further momentum towards next resistance level of Rs 46550.
Silver $ (SPOT)
Spot Silver has resistance at $18.00 whereas support is at $17.55. Sideways movement is expected for the day.
MCX Copper
MCX Copper is expected to trade sideways to positive with resistance at Rs 453.80 – 455.20 and support at Rs 450.50 – 449. Buying on dip is advised for the day targeting resistance level of Rs 453.80 – 455.20.
MCX Nickel
MCX Nickel is expected to trade sideways with resistance at Rs 1025 – 1033 and support at Rs 1008 – 998 level. Price break of immediate support or resistance will confirm further direction in trend.
MCX Crude Oil
MCX Crude Oil has immediate support at Rs 4090 – 4060 whereas resistance is at Rs 4150 – 4180. Bias remains sideways for the day.
MCX Natural Gas
MCX Natural Gas has intraday support at Rs 151.80 – 150 whereas resistance is at Rs 155.50 – 157. Bias remains sideways for the day.
MCX Lead
MCX Lead is likely to remain sideways to positive for the day with support at Rs 152 – 151.20 and resistance at Rs 153.50 – 154.20.
MCX Zinc
MCX Zinc is likely to trade sideways to positive with resistance at Rs 182.60 – 183.50 and support at Rs 181.20 – 180.
MCX Aluminium (Delivery Contract)
MCX Aluminium is expected to trade sideways with support at Rs 139.50 – 139 and resistance remains at Rs 140.80 – 141.50.
Source: Economic Times
