NEW DELHI: Potential US recession clouds loomed over bullion on Wednesday, which is headed for some turbulence.
However, dollar’s rise slammed brakes on the gold’s upside.
Meanwhile, oil prices gathered steam after the previous session’s rise, but gains were limited amid growing fears over the impact of a global economic slowdown on demand, Reuters said.
Want to know how are various commodities lined up today? Here are some projections from brokerage SMC Global Securities.
Bullion: The bullion counter may stay volatile. It can go higher towards Rs 32,300, taking support from Rs 32,000 on MCX. Silver can test Rs 38,700, with a comfort zone near Rs 38,300.
Base metals: Base metal prices may show sideways to positive bias. Copper may take support near Rs 432, facing resistance near Rs 442. Zinc can draw comfort from near Rs 198, facing headwinds near Rs 202. Lead can move in the range of Rs 137-140. Nickel may slip lower towards Rs 885. Aluminium prices may get stuck in Rs 147-149.
Energy: Crude oil may display a mixed movement. It may face a hurdle near Rs 4,180 and see profit booking towards Rs 4,110. Natural gas may witness lower level buying and it can test Rs 195, taking support near Rs 187.
Spices: Turmeric futures (April) are likely to face resistance near Rs 6,200, taking negative cues from the spot market. Jeera futures are likely to witness consolidation in the range of Rs 15,500-15,600 levels with upside getting capped. Coriander futures are likely to move higher and test Rs 6,845, tracking key markets in Rajasthan, where prices rose due to higher demand from domestic stockists. Cardamom futures are expected to surge towards Rs 1,640.
Oilseeds: Soybean futures are likely to trade with a negative bias and may move downwards to Rs 3,645 level. Soy oil futures are likely to witness consolidation in the range of Rs 733-736 levels. CPO futures will possibly consolidate in Rs 523-527 levels. Mustard futures contracts are likely to see an upside momentum and may test Rs 3,765, taking support near Rs 3,725 level.
Cotton futures may witness some correction towards Rs 21,500, facing resistance near Rs 21,750 level. Chana futures are expected to trade on a steadier note in the range of Rs 4,230-4,270 levels. Guar seed futures are looking bullish and can test Rs 4,500 level while guargum futures may rise towards Rs 9,100.