Bullion prices traded mixed with COMEX spot gold prices traded near $1952 on Friday while spot silver prices at COMEX held the grounds near $27 in the morning trade.
Bullion prices kept the narrow trading range as traders and investors are awaiting for fresh triggers post US FOMC meet. The dollar fluctuations has kept prices in range as the green back has been trading firm against the major currencies.
We expect gold prices to trade sideways to up with support at $1910 and resistance at $1970. MCX Gold October support at Rs. 51000, resistance lies at Rs. 51900. MCX Silver has important support at Rs, 66000 and resistance at Rs. 69300/70500.
Crude oil prices traded higher with benchmark WTI crude oil prices rallied by 2% to $41 on Thursday. Natural gas prices drifted lower by 9% on bearish weekly inventory data.
Crude oil prices gained after Saudi Arabia and Russia warned OPEC plus members to comply with output cut quotas in OPEC+ Joint Ministerial Monitoring Committee meeting. Saudi Prince Abdulaziz also warned short sellers not to challenge the kingdom’s resolve to support the market.
We expect oil prices to trade sideways to up for the day with MCX Crude oil September futures has support at Rs. 2950 with resistance at Rs.3090.
Base metals traded mixed with Nickel, Zinc and Aluminium prices traded lower while Copper and Lead managed to end in green for the day.
Copper prices witnessed sharp recovery in evening session paring the early loses on weaker dollar and strong fundamentals. The uncertainty over US economic recovery after FED comments has pressured base metals in last two trading sessions.
We expect base metals to trade sideways to up for the day with MCX Copper resistance at Rs. 535/538 and support at Rs. 529. MCX Nickel resistance lies at Rs. 1130 while MCX Zinc resistance at Rs. 199.
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