Gold prices climbed in futures trade on Thursday, supported by an uptick in demand by jewellers at spot markets and favourable global cues.
Gold prices were stable in international markets hovering below the 15-week high hit in the previous session, supported by trade worries and a possible US rate cut, Reuters reported.
Crude oilNSE -0.77 % prices may remain subdued as the commodity hovered around their lowest levels since January in global markets due to pressure from rising US supply and stalling demand amid an economic slowdown.
Bullion: Bullion counter may witness profit booking at higher levels, the brokerage said. MCX Gold (August) can move lower towards Rs 32,500, facing resistance near Rs 32,850. MCX Silver can dip towards Rs 36,600, taking resistance near Rs 37,000.
Base metals: Base metals may trade sideways with a weak bias. Copper may remain weak and it can dip lower towards Rs 400. Zinc can test Rs 200, facing resistance near Rs 204. Lead may test Rs 148, facing resistance near Rs 153 while nickel may move in the range of Rs 845-865. Aluminium may test Rs 140, facing resistance near Rs 145.
Energy: MCX Crude oil may dip lower towards Rs 3,530, facing resistance near Rs 3,660. Natural gas may test Rs 161, facing resistance near Rs 16
Other commodities: Cotton futures (June) might witness correction toward Rs 21,710, tracking bearish sentiments in the international markets. Chana futures (June) is expected to trade with a negative bias and may move downwards to Rs 4,480-4,460 levels. Guar seed futures (June) may witness correction towards Rs 4,170. Guar gum futures (June) may plunge further to test Rs 8,400-8,350 levels.
Gold prices were stable in international markets hovering below the 15-week high hit in the previous session, supported by trade worries and a possible US rate cut, Reuters reported.
Crude oilNSE -0.77 % prices may remain subdued as the commodity hovered around their lowest levels since January in global markets due to pressure from rising US supply and stalling demand amid an economic slowdown.
Bullion: Bullion counter may witness profit booking at higher levels, the brokerage said. MCX Gold (August) can move lower towards Rs 32,500, facing resistance near Rs 32,850. MCX Silver can dip towards Rs 36,600, taking resistance near Rs 37,000.
Base metals: Base metals may trade sideways with a weak bias. Copper may remain weak and it can dip lower towards Rs 400. Zinc can test Rs 200, facing resistance near Rs 204. Lead may test Rs 148, facing resistance near Rs 153 while nickel may move in the range of Rs 845-865. Aluminium may test Rs 140, facing resistance near Rs 145.
Energy: MCX Crude oil may dip lower towards Rs 3,530, facing resistance near Rs 3,660. Natural gas may test Rs 161, facing resistance near Rs 16
Other commodities: Cotton futures (June) might witness correction toward Rs 21,710, tracking bearish sentiments in the international markets. Chana futures (June) is expected to trade with a negative bias and may move downwards to Rs 4,480-4,460 levels. Guar seed futures (June) may witness correction towards Rs 4,170. Guar gum futures (June) may plunge further to test Rs 8,400-8,350 levels.
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