futures may move both ways on Thursday as the metal steadied globally after dollar’s easing.
A drop in the equity market is also expected to give a leg-up to the safe-haven metal.
Crude oil may be mixed, tracking a global trend. Brent edged higher towards the psychologically important $70 level after easing in the previous session on data showing a surprise build in US inventories, Reuters reported.
How are various commodities going to shape up today?
Bullion: Bullion counter may show a sideways movement. MCX Gold can take support near Rs 31,450, facing resistance near Rs 31,800. Silver can witness lower level buying and test Rs 37,500, taking support at Rs 37,000.
Base metals: Base metals may stay in the green as prices of copper and other industrial metals rose on Wednesday. Copper may test Rs 452 while taking support near Rs 444 on MCX. Zinc can test Rs 228 while taking support near Rs 224. Lead can move in the range of Rs 136-139. Nickel may recover towards Rs 926 while taking support near Rs 910. Aluminium prices may move in the range of 145-147.
Energy: Crude oil may slip lower towards Rs 4,240, taking resistance near Rs 4,320 on MCX. Natural gas may witness lower level buying and test Rs 188 while taking support near Rs 180 on MCX.
Spices: Turmeric futures (April) are expected to face a hurdle near Rs 6,500 level. Jeera futures will possibly rally up to Rs 16,200. The trend for coriander futures is bullish and it will possibly test Rs 7,300.
Oilseeds: A consolidation can be seen in soybean futures in the range of Rs 3,725-3,785 levels. Soy oil futures are expected to trade sideways in Rs 730-735 levels. CPO futures are expected to take comfort from near Rs 530. Mustard futures are expected to witness correction towards Rs 3,790 level, taking support at Rs 3,800.
Other commodities: Cotton contracts are likely to move sideways in Rs 21,800-22,000 levels. Chana futures are expected to trade sideways in Rs 4,435-4,490 levels. Guar seed as well as guar gum futures are looking bullish and are expected to take support near Rs 4,365 and Rs 8,750 levels, respectively.