Gold prices slipped in futures trade on Tuesday, tracking the trend in overseas markets, while a fall in spot demand also weighed on.
The yellow metal ticked lower in global markets as the dollar held near multi-week highs on reduced expectations of an aggressive rate cut by the US Fed.
Oil prices dipped on demand concerns following the latest signs the US-China trade war is dragging on the global economy, although the potential for conflicts in the Middle East offered support, Reuters reported.
Around 12 pm, the MCX Gold traded at Rs 34,532 per 10 grams, down Rs 47, while MCX Crude oil traded Rs 3,952 per barrel, down Rs 26.
Bullion: Gold can take support near Rs 34,400, facing resistance near Rs 34,800 and silver can take support near Rs 37,800, facing resistance at Rs 38,350.
Energy: MCX Crude oil may move towards Rs 3,900, facing resistance near Rs 4,000. Natural gas may remain on a stronger path and it can test Rs 168, taking support near Rs 164.
Oilseeds: Soybean futures' August contract may face resistance near Rs 3,625, while the downside may get extended towards Rs 3,520-3,500. Mustard futures (Aug) is not being able to breach the resistance near Rs 3,980-4,000 it may weaken towards Rs 3,880-3,860. The downtrend may again emerge in CPO futures (July) towards Rs 495, while soy oil futures (Aug) may come down to test Rs 722-720, facing resistance near Rs 728.
To Get Free Trial
Missed
Call@8817002233
Whatsapp@6262029208
Mail Us = starindiamarketresearch@gmail.com
No comments:
Post a Comment