NEW DELHI: Gold prices were little changed in global markets after comments from a senior US Federal Reserve official, supporting the need of further interest rate hikes, bolstered the US dollar.
Crude oil prices also edged up ahead of Opec meeting next week amid speculations of a cut in production to balance an emerging glut.
In the domestic futures market, crude oil was trading at Rs 3,701 per barrel, higher by Rs 70. MCX Gold was trading at Rs 30,300 per 10 grams, down by Rs 102, while MCX Silver was at Rs 35,742 per kilo, down by Rs 30 around 11:30 am.
We bring you projections on various commodities from SMC Global:
Bullion: Gold can take support near Rs 30,300 and can face resistance near 30,600 in MCX. MCX Silver can take support near Rs 35,500 and can face resistance near Rs 36,300.
Base metals: Base metal counters are expected to trade with downside pressure emerging amid broad strength in the US dollar index and continued global trade tensions. In the domestic market, copper can face resistance near Rs 430 and can take support near Rs 420. Zinc can face resistance near Rs 180 and support near Rs 174. Lead can take support near Rs 132 and can face resistance near Rs 136. Nickel can take support near Rs 750 while its upside will be capped near Rs 780. Aluminium can take support near Rs 135 levels while it has a resistance near Rs 138.
Energy: MCX Crude oil can take support near Rs 3,580 and resistance near Rs 3,750. Natural gas (December) may trade sideways to down in range of Rs 290-310 in MCX.
Spices: Turmeric futures (December) is expected to trade sideways in the range of Rs 6,350-6,500. Jeera futures (December) is likely to witness a consolidation in the range of Rs 19,250-19,500 and may trade with a downside bias. Coriander futures (December) may continue to hold the uptrend and take support near Rs 6,040.
Oilseeds: Soybean futures (December) is expected to trade sideways in the range of Rs 3,340-3,380. Mustard futures (December) will possibly trade sideways in the range of Rs 4,040-4,100 level. CPO futures (December) will possibly consolidate in the range of Rs 495-512 level, taking negative cues from the fall palm oil prices in the international market.
Other Commodities: Cotton futures (December) is expected to trade sideways in the range of Rs 21,720-21,970 level. Guar seed futures (December) is expected to trade sideways in the range of Rs 4,280-4,350, while guar gum (December) may consolidate in the range of Rs 8,600-8,800. The outlook of chana futures (December) is bullish & it may take support near Rs 4,600.
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