Gold edged lower as dollar held firm on news that China has cancelled trade talks with the United States, while investors eyed this week's US Federal Reserve meeting for guidance on future rate hikes.
Base metals traded mixed with copper easing as buying was thinned by holidays in China and Japan and fresh jitters on global trade, a session after it notched up its biggest one-day advance in more than five years.
Oil prices jumped more than 2% to a four-year high after Opec declined to announce an immediate increase in production despite calls by US President Donald Trump for action to raise global supply.
Heres a lowdown on the outlook of different commodities by brokerage Motilal Oswal Securities:
MCX Gold: Immediate resistance for MCX Gold is at Rs.30755 – 30775 whereas supports are at Rs.30645 – 30600 levels. Sideways consolidation will be seen and price break on either side will give further trend direction.
Gold (SPOT): Support for Spot Gold remains at $1190 whereas resistance is at $1205 – 1210 area.
MCX Silver: MCX Silver has strong supports at Rs.37515 – 37370 whereas resistance is at Rs.37850 – 37900 levels. Bias looks positive for the metal and initial dip towards Rs.37630 will be a good buying opportunity.
Silver (SPOT): Spot Silver looks positive as long as $14 is held as strong support. Short-term resistance is at Rs.14.55 – 14.80 area.
MCX Copper: Today's high Rs.462.40 will act as key resistance for MCX Copper whereas support is at Rs.457.50 – 455 area. Initial dip towards support area could be see.
MCX Nickel: MCX Nickel has intraday support at Rs.930 – 920 whereas resistance is at Rs.955. Upside for the metal will resume only if price break above resistance.
MCX Crude Oil: MCX Crude Oil looks to trade in a range of Rs.5190 – 5270. Price sustained break on either side of the given range will give further trend direction.
MCX Natural Gas: Short-term bias for MCX Natural Gas remains positive and is likely to target Rs.220 – 222 area. Support is at Rs.212 – 209.50. Initial dip towards Rs.214 – 213 zone will be a good buying opportunity.
MCX Lead: MCX Lead has resistance at Rs.149.40 whereas support is at Rs.146.70. Trading on extreme is advised i.e. buying near support OR selling near resistance is advised.
MCX Zinc: MCX Zinc will remain supported as long as Rs.182 is held as support. Resistance is at Rs.185 – 186 area. Intraday buying is advised.
MCX Aluminium: Initial weakness looks possible in MCX Aluminum as long as Rs.149.45 is capped as resistance. Support is at Rs.147 – 145.50.