{"id":89789,"date":"2018-08-28T21:16:33","date_gmt":"2018-08-28T21:16:33","guid":{"rendered":"http:\/\/www.bnreport.com\/commodity-outlook-buy-gold-near-rs-30050-29960-levels\/"},"modified":"2018-08-28T21:16:33","modified_gmt":"2018-08-28T21:16:33","slug":"commodity-outlook-buy-gold-near-rs-30050-29960-levels","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/commodity-outlook-buy-gold-near-rs-30050-29960-levels\/","title":{"rendered":"Commodity outlook: Buy gold near Rs 30,050-29,960 levels"},"content":{"rendered":"

Gold<\/a> steadied as the dollar hovered near a one-month low following a trade deal between the United States and Mexico, but concerns around a still developing US-China trade row kept a check on prices of the precious metal. <\/p>\n

Base metal<\/a> prices rose with zinc<\/a> trading firm later after the recent slide. Zinc stocks in warehouses monitored by ShFE fell 11.8% last week to 30,800 tonnes, their lowest since Oct 2007. <\/p>\n

Oil price rose towards its highest since early July, thanks to evidence of still-modest increases in output from Opec and improving Chinese refining demand.Investors are now more confident that supply is likely to fall short of demand in the coming months, as reflected by a narrowing in the discount. <\/p>\n

Heres a lowdown on the outlook of different commodities by brokerage Motilal Oswal Securities: <\/p>\n

MCX Gold:<\/strong> MCX Gold has immediate resistance at Rs.30210 \u2013 30245 levels whereas supports are at Rs.30050 \u2013 29960 area. Buying near support OR above resistance is advised for the session. Higher resistance is at Rs.30380 \u2013 30450 levels. <\/p>\n

Gold (SPOT):<\/strong> Spot Gold has broken the strong resistance of $1205 and price sustained trade above the same is confirming further positive move. The metal is likely to target $1222 \u2013 1227 levels. <\/p>\n

MCX Silver:<\/strong> Recent high Rs.37525 will act as strong resistance for MCX Silver whereas short-term supports are placed at Rs.37170 \u2013 36950 levels. Overall bias remains positive and buying near support OR above resistance is advised. Higher resistance is at Rs.37750 \u2013 37850 area. <\/p>\n

Silver (SPOT):<\/strong> Spot Silver sustained break above $15.05 will confirm further positive move towards $15.30 \u2013 15.50. Support is at $14.65. <\/p>\n

MCX Copper:<\/strong> MCX Copper has immediate stiff resistance zone at Rs.424.50 \u2013 425.50 whereas supports are placed at Rs.421.35 \u2013 419.50. Sideways consolidation within the given range could be seen for the session. <\/p>\n

MCX Nickel<\/a>:<\/strong> Short-term bias for MCX Nickel remains positive and buying is advised as long as Rs.930 \u2013 925 zone is held as strong support. Resistance is at Rs.965 \u2013 970 levels. <\/p>\n

MCX Crude Oil: <\/strong>MCX Crude Oil has immediate key supports at Rs.4825 \u2013 4810 levels and downside will resume only if price break and sustains below the same. Resistance is at Rs.4890 \u2013 4925 whereas lower support is at Rs.4750. <\/p>\n

MCX Natural Gas: <\/strong>MCX Natural Gas will be trading in a range for the session having support at Rs.200 whereas resistance is at Rs.205.50. <\/p>\n

MCX Lead<\/a>:<\/strong> MCX Lead has strong intraday resistance at Rs.148.25 and intraday profit booking towards Rs.144.55 \u2013 143.75 levels could be seen. Selling is advised as long as price holds below resistance. <\/p>\n

MCX Zinc:<\/strong> MCX Zinc has immediate stiff resistance at Rs.180.50 \u2013 181 area whereas supports are placed at Rs.177.85 \u2013 176.50 levels. Upside will extend only if price break and sustains above the resistance zone. <\/p>\n

MCX Aluminium<\/a>:<\/strong> MCX Aluminum is likely to continue its positive move targeting Rs.150 in short-term. Supports are placed at Rs.146.35 \u2013 145 levels. Buying near support is advised. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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Gold steadied as the dollar hovered near a one-month low fol..<\/p>\n","protected":false},"author":1,"featured_media":89790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-89789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nCommodity outlook: Buy gold near Rs 30,050-29,960 levels - Business News Report<\/title>\n<meta name=\"description\" content=\"Gold steadied as the dollar hovered near a one-month low fol..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/commodity-outlook-buy-gold-near-rs-30050-29960-levels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commodity outlook: Buy gold near Rs 30,050-29,960 levels - 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