Bullion costs traded underneath strain with spot gold costs at COMEX was buying and selling close to $1,833 per ounce whereas spot silver costs at COMEX was buying and selling almost Three per cent down at $24.67 per ounce within the morning commerce. Bullion costs continued draw back on stronger greenback as restoration in US long run bond yields triggered quick unwinding in greenback. The merchants and traders rushed to ebook earnings in treasured metals on risk-on sentiments with shopping for in greenback. We anticipate bullion costs to commerce sideways to down for the day.
MCX Gold February resistance for the day lies at Rs. 49,100 per 10 grams with assist at Rs. 48,500 per 10 grams.
MCX Silver March assist lies at Rs. 62,500 per KG, resistance at Rs. 65,800 per KG.
Outlook: Crude Oil
Crude oil costs traded underneath strain on Monday benchmark NYMEX WTI crude oil costs traded over half a p.c right down to $51.90 per barrel within the morning commerce. Crude oil costs witnessed promoting on worries over gas demand restoration with surge in coronavirus instances. The rising depend of instances in China has created promoting strain on crude oil costs. Crude oil costs are anticipated to commerce sideways to up for the day on optimistic world cues.
MCX Crude Oil January assist lies at Rs. 3,740 per barrel with resistance at Rs. 3,860 per barrel.
Outlook: Base Metals
Base metals traded decrease on Monday as a lot of the metals pared among the weekly good points, dropping greater than 1 per cent within the morning session. Copper, Nickel and Zinc costs have been buying and selling greater than 1 per cent decrease, adopted by Lead and Aluminium. Base metals costs traded underneath strain on mounting considerations over rising coronavirus instances in China which dampened demand restoration hopes. Base metals are anticipated to commerce sideways to down for the day over stronger greenback and pandemic considerations.
MCX Copper January assist lies at Rs. 610 and resistance at Rs. 618.
MCX Zinc January assist lies at Rs. 215, resistance at Rs. 221.
MCX Nickel January assist lies at Rs. 1,240 with resistance at Rs. 1,310.
(Tapan Patel is a Senior Analyst (Commodities) at HDFC Securities)