Bullion is expected to sparkle near a two-week high on Thursday as dovish policies of US and European central banks reinforced slowdown fears, making the dollarNSE -0.05 % play second fiddle.
A flat equity market means buying interest in the safe-haven asset may see a pick-up. However, this could trigger profit taking at higher levels.
Will it be a good day in office for commodities? We take you through projections by brokerage SMC Global Securities.
Bullion: Higher prices may nudge investors to take profit, in which case gold may drop towards Rs 32,100 while facing resistance near Rs 32,400. Silver can test Rs 37,500 with Rs 37,900 posing a hurdle.
Base metals: Base metal prices may display a negative bias. Copper may test Rs 442 while facing resistance near Rs 455 on MCX. Zinc can touch Rs 222 while facing headwinds near Rs 226. Lead can move in the range of Rs 133-136. Nickel may dip towards Rs 900, but upside may be capped near Rs 920. Aluminium prices may move in a band of Rs 146-149.
Energy: Crude oilNSE -1.29 % may trade lower as global oil prices softened on Thursday after the US crude stockpiles surged to their highest levels in almost 17 months amid record production. It may fall towards Rs 4,430 while facing resistance near Rs 4,500. Natural gas may witness lower level buying and is likely to test Rs 192 while taking support near Rs 183.
A flat equity market means buying interest in the safe-haven asset may see a pick-up. However, this could trigger profit taking at higher levels.
Will it be a good day in office for commodities? We take you through projections by brokerage SMC Global Securities.
Base metals: Base metal prices may display a negative bias. Copper may test Rs 442 while facing resistance near Rs 455 on MCX. Zinc can touch Rs 222 while facing headwinds near Rs 226. Lead can move in the range of Rs 133-136. Nickel may dip towards Rs 900, but upside may be capped near Rs 920. Aluminium prices may move in a band of Rs 146-149.
Energy: Crude oilNSE -1.29 % may trade lower as global oil prices softened on Thursday after the US crude stockpiles surged to their highest levels in almost 17 months amid record production. It may fall towards Rs 4,430 while facing resistance near Rs 4,500. Natural gas may witness lower level buying and is likely to test Rs 192 while taking support near Rs 183.
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