Gold prices declined in futures trade on Wednesday, tracking weak trends in overseas markets as well as muted demand by jewellers at spot markets.
In global markets, the yellow metal edged lower as the dollar firmed on robust US retail sales data.
However, hopes of an interest rate cut by the US Fed kept the fall capped.
Crude oilNSE -1.28 % prices, on the other hand, edged higher as the commodity prices rose in the global markets after the US crude inventories fell less than expected.
Bullion: Bullion counter may trade sideways with a weak bias. Gold can test Rs 34,500, facing resistance near Rs 34,900, while silver can move towards Rs 39,100, facing resistance near Rs 39,600.
Base metals: Base metals may trade mixed. Copper may slip lower toward Rs 441 while facing resistance near Rs 447. Zinc can test Rs 192, facing resistance near Rs 197, while lead may test Rs 152, facing resistance near Rs 157. Nickel may test Rs 975, taking support near Rs 950 and aluminium may test Rs 145 while taking support near Rs 142.
Energy: Crude oil may slip towards Rs 3,900, facing resistance near Rs 4,000. Natural gas may dip lower and it can test Rs 158, facing resistance near Rs 164.
Spices: Turmeric futures (Aug) has breached the resistance at Rs 7,050 level and now is seen heading towards Rs 7,200-7,300 levels. The sentiment is upbeat as acreage is seen down compared to the last year due to less rainfall. Jeera futures (Aug) is seen rising towards Rs 18,500. Cardamom futures (Aug) may head towards Rs 3,100 on the back of failed crops, deficient monsoon and poor inventories. Coriander futures (Aug) may see lower-level buying near Rs 7,110-7,150 and later ga ..
Other commodities: "We might see a positive bias in cotton futures (July) as it has breached the resistance at Rs 21,430," said the brokerage. Maize futures (Aug) is likely to take support near Rs 2,140. Castor seed futures (Aug) may take support near Rs 5,500 and any sharp downside may remain capped.
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