Base metals throw up a bearish outlook.
Here’s a look at the likely trend of the commodities in the domestic market today.
Gold: Gold price settled lower on Monday as geopolitical tensions eased and the rupee roared back in action. On the daily chart, the metal has slipped again from a rising wedge pattern. This indicates bearish reversal for the near term.
Furthermore, momentum indicator RSI (14) and MACD have shown bearishness with a negative crossover, said Choice Broking in its report. Hence, the brokerage expects sideways to bearish movement in MCX Gold prices.
Crude oil, natural gas: Crude oil may remain on a slippery path, with prices staying under pressure. Crude oil can slip lower towards Rs 4,400 on MCX. Natural gas can extend recent rally on warm weather forecasts and can test 206 in MCX.
Agri commodities: Turmeric futures for June is likely to trade sideways in Rs 7,040-7,240 levels. The spot markets are witnessing average domestic demand and limited export enquiries, said SMC Global Securities in its report.
Soybean futures for June too are likely to fall further towards Rs 3,600-3,560 as the fundamentals are flashing negative signals at the counter. Guar seed futures are likely to be sandwiched in the range of Rs 3,760-Rs 3,830.
Copper: On the daily chart, the price has given rising channel breakout, which indicates falling breakdown at the counter. A momentum indicator RSI (14) has moved to downward with negative crossover. “Therefore, we expect bearish movement in copper for the day,” stated Choice Broking in its report.