Gold prices may march up on Monday as a potential US recession and overall global economic slowdown put more shine on its safe haven charm.
Investors' appetite for riskier assets faded on growth concerns, increasing appeal for the bullion alongside yen and bonds, Reuters reported.
OilNSE 1.39 % prices, on the other hand, fell on concerns that the slowing global economy will dent demand for oil.
Base metals: Base metal prices may move sideways. Most base metals moved lower in early Asian trade on Monday as investors worried about the prospects of a recession in the United States. Copper may take support near Rs 434, facing resistance near Rs 445 on MCX. Zinc can take support near Rs 194, facing resistance near Rs 200. Lead can move in the range of Rs 138-142. Nickel may slip lower towards Rs 880. Aluminium prices may also dip lower and can test Rs 143.
Bullion: Bullion counter may trade with positive bias. MCX Gold can move higher towards Rs 32,300, taking support towards Rs 31,950. Silver can test Rs 38,500, taking support near Rs 38,250.
Spices: Turmeric futures (April) are trading near its yearly low of Rs 6,050, hammered by the dearth in domestic as well as export demand. This counter will possibly plunge further and may make a new low by testing the quarterly support of Rs 5,925. Jeera futures (April) are likely to extend its gains for the second consecutive week and may test Rs 15,800, taking support near Rs 15,500 levels.
Other commodities: Cotton futures (April) may witness some correction towards Rs 21,500, facing resistance near Rs 21,800 level. Chana futures (April) are not being able to hold up gains due to ongoing domestic arrivals, supply from overseas and sluggish sale counters in processed pulses.
Investors' appetite for riskier assets faded on growth concerns, increasing appeal for the bullion alongside yen and bonds, Reuters reported.
OilNSE 1.39 % prices, on the other hand, fell on concerns that the slowing global economy will dent demand for oil.
Base metals: Base metal prices may move sideways. Most base metals moved lower in early Asian trade on Monday as investors worried about the prospects of a recession in the United States. Copper may take support near Rs 434, facing resistance near Rs 445 on MCX. Zinc can take support near Rs 194, facing resistance near Rs 200. Lead can move in the range of Rs 138-142. Nickel may slip lower towards Rs 880. Aluminium prices may also dip lower and can test Rs 143.
Bullion: Bullion counter may trade with positive bias. MCX Gold can move higher towards Rs 32,300, taking support towards Rs 31,950. Silver can test Rs 38,500, taking support near Rs 38,250.
Spices: Turmeric futures (April) are trading near its yearly low of Rs 6,050, hammered by the dearth in domestic as well as export demand. This counter will possibly plunge further and may make a new low by testing the quarterly support of Rs 5,925. Jeera futures (April) are likely to extend its gains for the second consecutive week and may test Rs 15,800, taking support near Rs 15,500 levels.
Other commodities: Cotton futures (April) may witness some correction towards Rs 21,500, facing resistance near Rs 21,800 level. Chana futures (April) are not being able to hold up gains due to ongoing domestic arrivals, supply from overseas and sluggish sale counters in processed pulses.
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