Gold traded in the negative territory in futures trade on Tuesday as low demand by jewellers at the spot market weighed on the yellow metal.
Positive sentiment in the equity market, after exit polls predicted the return of the NDA to power with a clear majority, also dented the appeal of gold as a safe-haven metal.
Crude oil slipped even as the commodity witnessed gains in the global markets.
The MCX Gold was trading at Rs 31,458 per 10 grams, down by Rs 79, while MCX Silver was trading at Rs 36,301 a kilo, down by Rs 70 around 11:15 am. The MCX Crude oil was trading at Rs 4,359 per barrel, down Rs 57 at that time.
Bullion: Bullion counter may trade with a negative bias. It may test Rs 31,300, facing resistance near Rs 31,650. Silver can test Rs 36,100, facing resistance near Rs 36,500.
Energy: Crude oil may test Rs 4,450, taking support near Rs 4,380. Natural gas may test Rs 180, taking resistance near Rs 188.
Spices: Turmeric futures (June) is expected to rally towards Rs 7,300-7,350 levels. Jeera futures (June) may move to Rs 18,100-18,200, taking support near Rs 17,590. Cardamom futures (June) may move towards Rs 2,400-2,450 levels. Coriander futures (June) is expected to take support near Rs 7,445 and any sharp downside may remain capped.
Other commodities: The May contract of cotton futures is expected to witness a consolidation in the range of Rs 21,250-21,490 levels. Guar seed futures (June) is likely to witness selling pressure and may plunge towards Rs 4,350-4,335, while guar gum futures (June) is expected to witness correction towards Rs 8,745-8,700 levels. Wheat futures (June) will probably maintain its uptrend taking support near Rs 1,985.
Positive sentiment in the equity market, after exit polls predicted the return of the NDA to power with a clear majority, also dented the appeal of gold as a safe-haven metal.
Crude oil slipped even as the commodity witnessed gains in the global markets.
The MCX Gold was trading at Rs 31,458 per 10 grams, down by Rs 79, while MCX Silver was trading at Rs 36,301 a kilo, down by Rs 70 around 11:15 am. The MCX Crude oil was trading at Rs 4,359 per barrel, down Rs 57 at that time.
Bullion: Bullion counter may trade with a negative bias. It may test Rs 31,300, facing resistance near Rs 31,650. Silver can test Rs 36,100, facing resistance near Rs 36,500.
Energy: Crude oil may test Rs 4,450, taking support near Rs 4,380. Natural gas may test Rs 180, taking resistance near Rs 188.
Spices: Turmeric futures (June) is expected to rally towards Rs 7,300-7,350 levels. Jeera futures (June) may move to Rs 18,100-18,200, taking support near Rs 17,590. Cardamom futures (June) may move towards Rs 2,400-2,450 levels. Coriander futures (June) is expected to take support near Rs 7,445 and any sharp downside may remain capped.
Other commodities: The May contract of cotton futures is expected to witness a consolidation in the range of Rs 21,250-21,490 levels. Guar seed futures (June) is likely to witness selling pressure and may plunge towards Rs 4,350-4,335, while guar gum futures (June) is expected to witness correction towards Rs 8,745-8,700 levels. Wheat futures (June) will probably maintain its uptrend taking support near Rs 1,985.
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