Monday 18 March 2019

Gold may try to take out Rs 31,800 level

Global gold prices firmed up on Tuesday as the dollar tested its two-week low on expectations that the US Fed will stay dovish at its policy meeting later this week.


Commodity Outlook
Commodity Outlook
Crude oilNSE 3.57 % prices hovered near 2019 highs on supply cuts led by producer club Opec and US sanctions against Iran and Venezuela. 

Bullion: The bullion counter may move sideways with a positive bias. MCX Gold can witness bounceback towards Rs 31,800. Silver can take support near Rs 37,800 and recover towards Rs 38,250. 

Other commodities: The upside moves of cotton futures (March) may remain restricted near Rs 21,400 levels. Chana futures (April) are expected to take support near Rs 4,210 and may remain steady. The near-term support is Rs 4,250 levels. 


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