Gold Mini Sep/ LBMA Spot Gold
If prices hold the support of $1880 expect mild recovery momentum for the day. However, a direct drop below the same would continue the liquidation pressure towards $1840 or even more. MCX GoldM Oct Res: 51820 Support: 49840.
Silver Mini Nov/ LBMA Spot Silver
As prices cleared the tiff support of $25.70 broad momentum turned into negative. However, intraday support is seen at $23.40 which if hold the downside, expect recovery rallies for the day. Anyhow a break of $27.60 is a turnaround point. MCX SilverM Nov: Res at Rs 64800. Sup: 60120.
Inability to move past 528 would take prices lower. Major support is at 518 break of which it would trigger sharp liquidation.
Weak bias may continue as long as 1112 caps the upside. However, a direct drop below 1048 will take prices further lower.
Expect a choppy trade inside 150-144 levels initially and breaking any of the sides would suggest fresh direction to the commodity.
Inability to move past 198 would take prices lower. However, major support of 185 needs to be cleared for continuation of liquidation.
Prices need to break 144.80 to trigger rallies. Else, liquidation pressure would extend in the counter.
MCX Crude Oil Oct/NYMEX Crude Oct
Immediate resistance of $42 required to be cleared for continuation of further rallies. Else, prices continue with choppy with negative bias. MCX Sep: Res at Rs 2980 / Support: Rs 2810.
Natural Gas Sep
Liquidation pressure may continue as long as prices stay below $2. A direct break of $2.15 is required to negate the view and take prices higher.
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