Base metals were under pressure with half of complex ending lower amid pressure from re-emergence of trade tensions between US and China in addition to a seasonal summer slowdown.
Crude prices rallied after domestic industry report from Genpac, which showed that domestic inventories will fall soon after surprise rise in latest week.
Here’s a lowdown on the outlook of different commodities by brokerage Motilal Oswal Securities:
MCX Gold: MCX Gold (Aug) will be trading in a range for the session having support at Rs.29400 whereas resistance is at Rs.29650. Price sustained break on either side will give further trend direction.
Gold (SPOT): Spot Gold has support at $ 1200 whereas resistance is at $ 1220.
MCX Silver: MCX Silver has resistance at Rs.38100 whereas supports are placed at Rs.37880 – 37800 levels. Sideways consolidation within the given range will be seen.
Silver (SPOT): Spot Silver will face stiff resistance at $ 15.55 whereas support remains at Rs.15.15 – 15.00 levels.
MCX Copper: MCX Copper(Aug) will remain under pressure as long as Rs.419.50 – 422 is capped as strong short-term resistance. Supports are at Rs.410 – 407. Pullback towards Rs.417 – 418 zone will be a good selling opportunity.
MCX Nickel: MCX Nickel(AUG) looks weak as long as Rs.915 is capped as resistance. Supports are at Rs.890 – 880 area. Selling is advised for the day.
MCX Crude Oil: Recent high Rs.4765 will act as stiff resistance for MCX Crude Oil whereas supports are at Rs.4690 – 4660 levels. Price sustained break above resistance will confirm positive move towards Rs.4810 – 4850. Buying above resistance is advised.
MCX Natural Gas: MCX Natural Gas remains supported above Rs.188 – 187. Resistance is at Rs.196 – 198. Buying around Rs.191 – 190 zone is advised.
MCX Lead: MCX Lead(Aug) will be trading in a range of Rs.144 – 147 zone. Price break below support will signify further weakness towards Rs.142.35 – 141 levels.
MCX Zinc: Initial upside could be seen in MCX Zinc(Aug) as long as Rs.177.35 is held as support. However, upside too will be capped around Rs.180 – 180.70 which will act as key resistance. Buying is advised as long as price holds above support.
MCX Aluminium: MCX Aluminum(Aug) looks weak as long as Rs.140.35 is capped as resistance. Supports are placed at Rs.138 – 137 levels. Selling is advised for the day.