Gold came under pressure on Wednesday on back of higher US government bond yields and a rising dollar, which also dented sentiment of other metals.Oil prices fell after tariffs on a further $200 billion worth of Chinese goods sent crude lower, with trade tensions between the world's two biggest economies intensifying.Here's a lowdown on how key commodities are likely to shape up in the evening trade, as provided by Motilal Oswal Financial Services:MCX Gold: MCX Gold has strong support at Rs.30450 - 30380 zone, whereas resistance is at Rs.30600. Prices are likely to consolidate in a range of Rs.30380 - 30600.Gold (SPOT): Spot Gold has immediate support at $1245 and resistance at $1260. Sideways consolidation is likely within the given range.MCX Silver: MCX silver (Sept) has a strong support at Rs 39500. Trend remains sideways to positive as long as price stays above support. It is expected to trade in a range of Rs.39500 - 39900. Trading on extremes is advised.Silver (SPOT): Spot Silver is expected to remain in a broad range of $15.70 - 16.30.MCX Copper: Broader trend remains bearish in MCX Copper. Pullback is expected for the day as long as price stays above Rs.418 - 416 levels. Immediate resistances are at Rs.426 - 428 levels. Dip buying is advised with tighter stops.MCX Nickel: MCX Nickel has strong resistances at Rs.950 / 960 levels, whereas supports are at Rs.935 - 920 levels. Sideways consolidation is likely.MCX Crude Oil: MCX Crude Oil remains bearish as long as Rs.5140 is capped as resistance. Immediate resistances are at Rs.5080 - 5110, whereas supports are at Rs.5000 - 4970. Selling on rise is advised.MCX Natural Gas: MCX Natural gas faces stiff resistance near Rs.193 / 194. Pullback towards the resistance is likely, however, short-term trend still remains bearish as long as Rs.196 is capped. Supports are placed at Rs.188 / 185.MCX Lead: MCX Lead remains bearish for the short term, no signs of reversals are observed. Rs.156.50 - 158 will act as a strong resistances going ahead, whereas Rs.153 - 151 is expected to act as a support zone. Selling on rise near resistance is advised.MCX Zinc: Zinc is weakest of the lot and there is no bullish signal yet. Immediate trading range is expected to be Rs.173 - 179.MCX Aluminium: Pullback is expected in MCX Aluminium as long as price stays above Rs.141. Resistances are at Rs.143 - 144. Buying is advised.MCX Brass: MCX Brass looks to trade in range Rs 340 / 370.
from The Economic Times https://ift.tt/2maLjf7
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