NEW DELHI: Bullion counter is expected to trade with an upside bias, tracking positive global sentiment, as the yellow metal took support from dollar's fall.
Gold prices held steady in international markets after rising above $1,280 in the previous session as weak US data pushed the dollar off 2-year highs and reignited hopes of a rate cut by the Federal Reserve this year, Reuters reported.
Crude oil, on the other hand, may witness some short covering at lower levels as oil markets stabilized amid Opec supply cuts and tensions in the Middle East.
Bullions: As per the brokerage, MCX Gold may test Rs 31,900, taking support near Rs 31,500, while MCX Silver can test Rs 36,800, taking support near Rs 36,200.
Oilseeds: Soybean futures (June) is expected to trade sideways in the range of Rs 3695-3740 levels. Soy oil futures (June) is expected to see the level of Rs 743-744, taking support near Rs 740. CPO futures (June) may crash towards Rs 512-516 levels. Mustard futures (June) is expected to consolidate and trade with an upside bias and test Rs 3960-3980 levels.
Other commodities: The fear of escalating trade war will continue to keep the upside capped for cotton futures on the domestic bourse, the brokerage said. The May contract is expected to witness consolidation in the range of Rs 21,200-21,450 levels. Guar seed futures (June) is likely to face resistance near Rs 4,460, while guar gum futures (June) is expected to face resistance near Rs 8,925 levels.
Gold prices held steady in international markets after rising above $1,280 in the previous session as weak US data pushed the dollar off 2-year highs and reignited hopes of a rate cut by the Federal Reserve this year, Reuters reported.
Crude oil, on the other hand, may witness some short covering at lower levels as oil markets stabilized amid Opec supply cuts and tensions in the Middle East.
Bullions: As per the brokerage, MCX Gold may test Rs 31,900, taking support near Rs 31,500, while MCX Silver can test Rs 36,800, taking support near Rs 36,200.
Oilseeds: Soybean futures (June) is expected to trade sideways in the range of Rs 3695-3740 levels. Soy oil futures (June) is expected to see the level of Rs 743-744, taking support near Rs 740. CPO futures (June) may crash towards Rs 512-516 levels. Mustard futures (June) is expected to consolidate and trade with an upside bias and test Rs 3960-3980 levels.
Other commodities: The fear of escalating trade war will continue to keep the upside capped for cotton futures on the domestic bourse, the brokerage said. The May contract is expected to witness consolidation in the range of Rs 21,200-21,450 levels. Guar seed futures (June) is likely to face resistance near Rs 4,460, while guar gum futures (June) is expected to face resistance near Rs 8,925 levels.
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