In base metals, copper rallied to highest level in six weeks on softer dollar. In energy segment, oil prices fell as US production hit a record high and as Opec members considered boosting supply.
Here’s a lowdown on the outlook of different commodities by brokerage Motilal Oswal Securities:
Gold: Gold on MCX has strong resistance at Rs 31,050-31175 levels whereas supports are placed at Rs 30,825-30,700 levels. Initial upside towards immediate resistance could be seen, which will be a good selling opportunity.
Copper: The commodity has immediate strong support at Rs 460 whereas resistance is at Rs 464.50-466.50 levels. Sideways-to-positive move will be seen as long as price holds above support.
Crude oil: The commodity on MCX has resistance at Rs 4,440-4,465 levels whereas supports are at Rs 4,360-4,330. Short-term bias looks positive and selling around resistance zone is advised.
Natural gas: It will face stiff resistance at Rs 201.50-203 whereas supports are at Rs 197-194 levels. Sideways-to-negative move will be seen for the session.