Commodity Outlook: Gold, Silver Outlook Bearish; Copper, Aluminium May Rally

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NEW DELHI: Gold prices inched higher in the previous session, but broadly is stuck in the broad range of $1,470-1,520 for the last one month. In the recent past, updates related to trade talks between the US and China is creating further confusion in the market.

Base metals remained flat, but markets were once again worried on worries after unconfirmed news that long-awaited interim deal to dial back a crippling US-China trade war could be delayed. For Copper, Chile's mine reports suggest that companies have mostly maintained production and kept operations running normally in face of weeks of unrest.

Crude prices remained steady in morning session after sliding 1.5 per cent in yesterday's session after reports of OPEC+ countries won’t be going for deeper oil-supply cuts when OPEC meets in Dec. Markets were once again worried on worries after unconfirmed news that long-awaited interim deal to dial back crippling US-China trade war could be delayed.

Motilal Oswal Commodities Research lists how different commodities may trade in the second half of the session today:

MCX Gold

MCX Gold price is expected to trade negatively with good resistance at Rs 38250 levels and intermediate resistance at Rs 38120 level. Selling is advised targeting lower support at Rs 37920 – 37810 zone.

Gold $ (SPOT)

Spot Gold is expected to trade in a range of $1470- $1495 range with negative bias.

MCX Silver

MCX Silver price is expected to trade negatively with good resistance at Rs 45800 levels and intermediate resistance at Rs 45550 level. Selling is advised targeting lower support at Rs 45200 – 44900 zone.

Silver $ (SPOT)

Spot Silver is expected to trade in a range of $17.35 - $17.85 range with negative bias.

MCX Copper

MCX Copper price is expected to trade positively with good support at Rs 441 levels and intermediate support at Rs 443 level. Buying is advised targeting higher resistance at Rs 445 – 447 zone.

MCX Nickel

MCX Nickel price is expected to trade in a range bound market having good support at Rs 1170 level and resistance at Rs 1190 level.

MCX Crude Oil

MCX Crude price is expected to trade in a range bound market having good support at Rs 3980 and resistance at Rs 4095 level.

MCX Natural Gas

MCX Natural gas price is expected to trade in a range bound market having good support at Rs 195.50 and resistance at Rs 202.50 level.

MCX Lead

MCX Lead price is expected to trade in a range bound market having good support at Rs 154.50 level and resistance at Rs 157 level.

MCX Zinc

MCX Zinc price is expected to trade positively with good support at Rs 189 levels and intermediate support at Rs 190 level. Buying is advised targeting higher resistance at Rs 191.50 – 192.50 zone.

MCX Aluminium(Delivery Contract)

MCX Aluminum price is expected to trade positively with good support at Rs 133.50 levels and intermediate support at Rs 134.30 level. Buying is advised targeting higher resistance at Rs 135.55 – 136.55 zone.