MCX Market Tips | Today's Commodity Outlook

INTERNATIONAL MARKET UPDATE

GOLD $ 1318.05

SILVER $ 19.293,

COPPER $324.20,

CRUDE OIL $ 44.87,

INR 67.165.

Bullion Outlook

On an intraday basis, we expect gold prices to trade sideways as possibility of rate hike in the US Federal Reserve meeting looks dim. On the contrary, holdings in the SPDR gold trust have fallen for two consecutive months indicating low investment demand. Comment from Janet Yellen post meeting will be a close watch by investors across the globe. We expect gold prices to trade sideways today as international markets are marginally positive by around 0.08 percent at $1316 per ounce.

MCX Market Tips with SUPPORT & RESISTANCE LEVEL

GOLD JUNE FUTURE

R2–31212,

R1 -31010,

S1-30650,

S2-30450,

SILVER JULY FUTURE

R2 –46110,

R1- 45782,

S1-45101,

S2-44790,

CRUDE OIL JUNE FUTURE

R2 –3000,

R1-3054.

S1-2800,

S2-2760,

COPPER JUNE FUTURE

R2 –334,

R1-328,

S1-320,

S2-313.