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Market Outlook

Precious metals are trading flat on COMEX today. We expect prices to trade lower on anticipation of rate hike in the US Federal Reserve meeting besides, low physical demand from China and India will also exert downside pressure on gold and silver. In base metals sector, Aluminum and Nickel have been showing strength while others looks to be in a corrective mode. We expect Industrial metals prices to trade range bound for the day. Crude oil is trading mix on NYMEX today. We expect prices to trade higher for the day, as the first signs of a crude production cut organized by OPEC and other exporters materialized, tightening a market that has been grapping with ballooning oversupply for over two years.

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Fundamental News

Gold and silver futures were trading in the red on the Multi Commodity Exchange (MCX) in early trade on Tuesday on account of subdued demand from jewellers, retailers and industries ahead of the US Fed rate hike decision on Wednesday.

Crude oil futures fell 0.98 per cent to Rs 3,553 per barrel, in line with a weak trend in Asian trade, as speculators cut down their bets.

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Gold showed bearish movement and found the important support level of 27475. Now if it will close below the important support level of 27400 then 27100 will act as next support level. On the other hand 28000 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 40970. Now if it will close below the important support level of 40900 then 40500 will act as next support level. On the other hand 41800 will act as a major resistance level.

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Crude showed bearish movement and found the important support level of 3538. Now if it will close below the important support level of 3500 then 3400 will act as next support level. On the other hand 3650 will act as a major resistance level.

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Copper showed bearish movement and found the important support level of 384.40. Now if it will close below the important support level of 383 then 375 will act as next support level. On the other hand 395 will act as a major resistance level.

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