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.