Commodity outlook: How oil, gold, base metals may trade in Wednesday’s session

NEW DELHI: Gold prices jumped in futures trade on Wednesday, supported by positive global trend and weakness in the equity market.

Weak sentiment in the equity market amid trade war jitters increased the appeal of gold as safe-haven metal.

On the other hand, crude oil prices slipped, tracking the fall in the prices of the commodity in global markets on concerns over a global economic slowdown.

Around 11:05 am, MCX Gold traded at Rs 32,770 per 10 grams, up by Rs 132. MCX Crude oil was Rs 3,633 per barrel, down Rs 87 around that time.

Let’s take a look at how various commodities may fare today, as projected by brokerage Motilal Oswal Securities.

Gold: MCX Gold has intraday support at Rs 32,470 whereas resistance is at Rs 32,850-33,000. As per the brokerage, overall bias remains sideways to positive and dip towards the support zone will be a good buying opportunity.

Silver: MCX Silver is likely to trade sideways with intraday support at Rs 36,500 and resistance at Rs 37,000-37,200. The brokerage advises buying on dips, targetting the resistance level.

Copper: MCX Copper may trade sideways with an intraday support at Rs 406 and is likely to face resistance at Rs 414.

Nickel: MCX Nickel is expected to remain supported above Rs 860-850. Resistance is at Rs 875-881. The brokerage advises buying on dips as long as prices hold above the support.

Lead: MCX Lead is expected to trade sideways with resistance at Rs 158, while support is at Rs 152.

Zinc: MCX Zinc is expected to trade sideways with resistance at Rs 207.70, while support is at Rs 202.

Aluminium: MCX Aluminium is expected to trade sideways to negative with resistance at Rs 145, while support is at Rs 141.

Crude oil: MCX Crude oil is expected to trade in the negative zone with intraday support at Rs 3595-3570. Resistance is at Rs 3,700-3,720. The brokerage advises selling on rise near resistance, targetting support level of Rs 3,595-3,570.

Natural Gas: MCX Natural gas has immediate intraday support at Rs 163, while resistance is at Rs 169. Momentum may be positive for the day.