Gold looking up to Rs 30,900 for some backing

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NEW DELHI: Crude oil prices fell in the global market weighed down by Opec’s decision to delay a final decision on output cut.

Gold prices too climbed as the dollar eased slightly on renewed speculation of a likely pause in the US Federal Reserve’s tightening cycle.

A weak dollar means gold will appreciate as the commodity becomes cheaper in other currencies, pushing up its demand.

However, crude, gold and silver lost some ground in the domestic futures market.

MCX Gold was trading at Rs 31,035 per 10 grams, lower by Rs 54, while MCX Silver hit Rs 37,207 a kg, up by Rs 11 around 10:45 am. Crude oil was steady at Rs 3,619 per barrel.

We bring you projections on various commodities by SMC Global. Take a look.

Bullion: The bullion counter may display a sideways bias as gold prices rose slightly on Friday. Gold (February) can take support near Rs 30,900, but face resistance near Rs 31,300 on MCX. Silver’s (March) equivalent figures are Rs 37,000 and Rs 37,600.

Base metals: Base metals prices may see some short covering at lower levels. Copper may hit a wall near Rs 443 and find comfort near Rs 428. While zinc’s corresponding numbers are Rs 190 and Rs 184, lead is staring at a hurdle near Rs 142 with a likely support at Rs 137. Nickel can take support near Rs 755 while its upside will be capped near Rs 795. Aluminium can find some leeway near Rs 136 while it has a resistance near Rs 140.

Energy: Crude oil’s support is coming up near Rs 3,580 and resistance near Rs 3,700 on MCX. Natural gas (December) may trade sideways as it can move in the range of Rs 303-316.

Spices: Turmeric futures (April) are expected to trade sideways to down and may touch Rs 6,500 level. Jeera futures (January) are expected to plunge towards Rs 18,400. The trend of coriander futures (January) is bullish and may take support near Rs 6,400.

Oilseeds: Soybean futures (January) are expected to move with a downside bias and may even plunge towards Rs 3,300. Mustard futures (January) are expected to break Rs 3,990 and go further towards Rs 3,950. CPO futures (December) would probably witness a consolidation in the range of Rs 489-498.

Other commodities: Cotton futures (December) are expected to consolidate in the range of Rs 21,650-21,880. Guar seed futures (January) are seen to trade sideways in the range of Rs 4,335-4,390 while guar gum (January) may consolidate in the range of Rs 8,600-8,860 level and remain steady. Chana futures (January) may trade with a downside bias in the range of Rs 4,570-4,630 level.

Source: Economic Times