Gold prices in domestic futures followed overseas markets lower on Monday as the yellow metal gave in to the dollar's rising clout.
OilNSE 1.90 % prices rose on reports of a fall in US drilling activity amid signs that an Opec-led supply cut was unlikely before June.
Bullion: The bullion counter may extend its downside amid bounceback in the greenback, the rise in US Treasury yields and lack of safe haven demand. MCX Gold can test Rs 31,600, facing resistance near Rs 32,400, while silver (May) can dip towards Rs 37,500, with a likely hurdle near Rs 38,800.
Spices: Turmeric futures (April) are expected to witness a strong recovery and may test Rs 6,500 level. Jeera futures are likely to consolidate within Rs 15,200-15,400 levels. Coriander futures are looking bullish and the upside can get extended towards Rs 6,600 level.
Oilseeds: Soybean futures (April) are likely to see selling pressure and move lower to test Rs 3,650, facing resistance near Rs 3,752. There is still room left for CPO futures (March) to soften and test Rs 535-530 levels. The recovery, seen in mustard futures (April), is likely to continue and has the potential to test Rs 3,870 levels.
Other commodities: Cotton futures (March) are expected to trade sideways to upward in the range of Rs 20,600-20,850 levels. Chana futures (April) will possibly trade with an upside bias in the range of Rs 4,150-4,190.
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