In base metals, copper rallied to the highest level in more than six weeks on a slightly softer dollar and supply concerns.
On crude oil front, prices fell as US production hit a record high and as Opec members considered boosting supply.
Here’s Motilal Oswal Securities’ take on how different commodities are likely to trade ahead.
Gold: The commodity on the MCS has strong resistance at Rs 31,050-31,175 levels while support remains at Rs 30,825-30,700 zones. Sideways consolidation within the given range can be expected.
Silver: MCX Silver (July) has immediate key support at Rs 39,450-39,400, while resistance is at Rs 39,830-39,925 levels. If the prices sustain below this level, the bias will turn negative and the precious metal will test Rs 39,100-39,000 levels. Selling only below support is advised.
Copper: The base metal on the MCX is expected to face stiff resistance at Rs 470-472.50 levels while supports will come in at Rs 464- 461.70. As long as the prices hold below this resistance area, initial dip towards the support area can be seen.
Nickel: The commodity is trading close to its stiff resistance at Rs 1,042, whereas support remains at Rs 1,015-1,007 levels. If the price sustains trade above the resistance, the metal may rally towards Rs 1,055-1,060. Buying is advised for the session.
Crude oil: It has an intraday resistance at Rs 4,390 level on the MCX, while supports are at Rs 4,300-4,270 levels. Sideways consolidation in the given range will be seen.
Natural gas: Bias on MCX remains weak as long as Rs 199.50-202 is capped as resistance. Supports are at Rs 194-192. Selling around Rs 198 is advised for the session.