Commodity outlook: Gold setup bullish; crude oil, natural gas may fall

Gold prices again ended steady on Thursday as global cues offset strength in dollar, while copper fell to a three-week low.

In energy basket, oil slipped after an unexpected buildup in US crude stock piles.

Here’s a wrap-up of how different commodities will trade ahead:

MCX Gold (Aug) remains bullish above the Rs 31,100. Motilal Oswal Securities (MOSL) said immediate support for the precious metal is placed at Rs 31,260-31,200 levels, whereas resistance is at Rs 31,430- 31,550.

The copper setup remained bearish below the Rs 462 level. “Immediate resistance is placed at Rs 458-459, while support is at Rs 456.50-454. Selling on rise is advised,” the brokerage said.

In energy commodities crude oil and natural gas remained bearish below Rs 4,635 and Rs 203, respectively.

For crude intraday support is placed at Rs 4,570, while natural gas may see immediate resistance at Rs 198.50 level.