Base metals have taken a break in the past two days and domestic metals are doing better thanks to the depreciation of the rupee. LME copper reached its highest level in a week, as grim data on manufacturing in China fueled hopes of global political support to counter the economic fallout from the coronavirus epidemic.
Oil prices jumped 5% in Monday’s session, recording a recovery for the second consecutive session.
Motilal Oswal Commodities Research lists how different products can be traded during the second half of today’s session:
MCX Gold
MCX Gold has a strong resistance to Rs 42370 – 42400 while the support is placed at Rs 42090 – 41950. A lateral consolidation in the given range will be observed.
Gold $ (SPOT)
Spot Gold has intraday support at $ 1590 – 1585 while resistance is at $ 1605 – 1612.
MCX Silver
MCX Silver has a resistance at Rs 45610 – 45830 while the supports are placed at Rs 45160 – 44980. The movement linked to the staff will be seen for the session.
Money $ (SPOT)
Spot Silver has supports at $ 16.68 – $ 16.55 while resistance is at $ 17.02 – $ 17.20.
MCX copper
MCX Copper has intraday support at Rs 427.75 while resistance is at levels Rs 432.35 – 433.70. The purchase is recommended for the session, but our bias will cancel the support below.
MCX Nickel
MCX Nickel has immediate resistance in the zone Rs 942 – 944 while the support is placed in the zone Rs 924 -920. For the session, it is advisable to buy near the support OR above the resistance.
Crude oil MCX
MCX Crude Oil will negotiate a range for the session. The support is placed at Rs 3495 – 3465 while the resistance is at Rs 3580.
MCX Natural Gas
MCX Natural Gas seems weak under resistance to Rs 135. The supports are placed at Rs 129 – 126.30. The sale is recommended for the session.
Lead MCX
MCX Lead will face rigid resistance at Rs 146.60 while the support is placed at Rs 142.50 – 141.10. The rise will only be visible if the price drops and remains above resistance.
MCX Zinc
MCX Zinc seems favorable to the session as long as Rs 155.50 – 154.70 is maintained as support. The resistance is at Rs 158.20 – 159.50.
MCX Aluminum (delivery contract)
MCX Aluminum will trade in a higher range for the session. The support is placed at Rs 137.70 – 136.50 while the resistance is at Rs 141.10 – 142.50.