Commodity prices traded mixed on Wednesday as a tight race for the White House sent mixed signals to the markets. Bullion prices traded under pressure in the previous trading session while crude oil and base metals ended positive with strong equity indices. The dollar was trading marginally down with the market awaiting clear signals from US election results.
Here is a look at how different commodities are behaving in today’s market.
Bullion prices traded firm on Thursday as polls showed probable victory of Democratic candidate Joe Biden. COMEX spot gold prices traded near $1,907 per ounce paring previous losses while spot silver prices at COMEX were trading above $24 in the morning trade. Bullion prices are fluctuating in the range witnessing volatility on uncertain US election results. We expect bullion prices to trade volatile in the current range 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 prices witnessed correction on Thursday with benchmark WTI crude oil falling by nearly 2% to $38.40 per barrel. Crude oil prices pared gains on probable victory of Democrats which are more favourable to renewable energy. We expect crude oil prices to trade in current range as clear results are yet to come and prices may stick to election speculation.
MCX Crude Oil November
- Support lies at Rs 2,780
- Resistance at Rs 2,920
Outlook: Base Metals
Base metals prices traded steady on Thursday as traders and investors are awaiting clear results from US elections. The polls so far are showing any clear majority which has kept base metals prices in range. Copper prices may trade higher on possible supply shortage from Chile after failed wage negotiations. Base metals may keep sideways to up trading for the day supported by strong equity 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
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