Gold prices traded higher as the greenback fell. The Trump administration's tariff on a range of Chinese goods worth about $34 billion is expected to come into effect on Friday.
Base metals continued to be under pressure with copper and zinc taking the biggest hit. Copper hit nine-month lows on Wednesday on worries about global growth due to a trade spat between the US and China, but a lower dollar and an equity market recovery offered some support.
WTI Crude oil rose above $75 for the first time since November 2014 fuelled by a supply disruption at a major Canadian oil sands facility and concerns about Libya's crude exports.
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 remains weak as long as Rs 30750 is capped as resistance. Immediate supports are placed at Rs.30550 – 30480, whereas resistances are at Rs.30650 – 30750. Selling is advised.
Spot gold: Spot Gold is expected to trade sideways in a range of $1,246-1,261.
MCX Silver: MCX silver (Sept) remains bearish below Rs 40,100. Immediate resistance are at Rs 39,800-39,900 zone, whereas supports are at Rs 39,600-39,500. Selling is advised.
Spot Silver: Spot Silver is expected to remain in range $15.90-16.10.
MCX Copper: It remains bearish below Rs 448. Immediate resistances are at Rs444-445, whereas supports are at Rs 439-438. Selling on rise is advised.
MCX Nickel: Prices remains bearish below Rs 995. Immediate resistance is at Rs 983, whereas supports are at Rs 970-960.
MCX Crude Oil: It remains weak below Rs 5,135. It has immediate resistance at Rs 5,090-5,120 levels, whereas supports are at Rs 5,030-4,980. Selling near resistance is advised.
MCX Natural Gas: MCX Natural Gas is expected to trade higher as long as above Rs 196. Resistance is at Rs 199.50-201. Dip buying is advised.
MCX Lead: MCX Lead remains weak as long as price holds below Rs 166. Immediate resistance are placed at Rs 164-165, whereas supports are placed at Rs 163-162.
MCX Zinc: MCX Zinc remains bearish below Rs 195. Pullback towards immediate resistance at Rs 192-193 can be used as selling opportunity. Supports are placed at Rs 189-188.
MCX Aluminium: MCX Aluminium remains bearish below Rs 147. Immediate resistance are at Rs 145-145.50, whereas supports are placed at Rs 144 – 143. Selling near resistance zone is advised.
MCX Brass: MCX Brass looks to trade in range Rs 340-365.
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