Commodity costs traded blended on Wednesday as a good race for the White House despatched blended indicators to the markets. Bullion costs traded underneath stress within the earlier buying and selling session whereas crude oil and base metals ended optimistic with sturdy fairness indices. The greenback was buying and selling marginally down with the market awaiting clear indicators from US election outcomes.
Here is a have a look at how completely different commodities are behaving in in the present day’s market.
Bullion costs traded agency on Thursday as polls confirmed possible victory of Democratic candidate Joe Biden. COMEX spot gold costs traded close to $1,907 per ounce paring earlier losses whereas spot silver costs at COMEX have been buying and selling above $24 within the morning commerce. Bullion costs are fluctuating within the vary witnessing volatility on unsure US election outcomes. We anticipate bullion costs to commerce risky within the present vary for the day.
MCX Gold December
- Resistance for the day lies at Rs 51,600 per 10 gram
- Support at Rs 51,000 per 10 grams
MCX Silver December
- Support lies at Rs 60,800 per KG
- Resistance at Rs 63,000 per KG
Outlook: Crude Oil
Crude oil costs witnessed correction on Thursday with benchmark WTI crude oil falling by practically 2% to $38.40 per barrel. Crude oil costs pared positive aspects on possible victory of Democrats that are extra beneficial to renewable power. We anticipate crude oil costs to commerce in present vary as clear outcomes are but to return and costs might stick with election hypothesis.
MCX Crude Oil November
- Support lies at Rs 2,780
- Resistance at Rs 2,920
Outlook: Base Metals
Base metals costs traded regular on Thursday as merchants and buyers are awaiting clear outcomes from US elections. The polls thus far are exhibiting any clear majority which has saved base metals costs in vary. Copper costs might commerce greater on doable provide scarcity from Chile after failed wage negotiations. Base metals might preserve sideways to up buying and selling for the day supported by sturdy fairness indices.
MCX Copper November
- Support lies at Rs 527
- Resistance at Rs 534
MCX Nickel November
- Support lies at Rs 1,140
- Resistance at Rs 1,170