Gold Silver Reports (GSR) – Commodity Reports: Base Metals Near Breakout Levels – In base metals, copper rallied to the highest level in more than six weeks on a slightly softer dollar and supply concerns.
On crude oil front, prices fell as US production hit a record high and as Opec members considered boosting supply.
Precious metals
Gold: The commodity on the MCS has strong resistance at Rs 31150—31324 levels while support Key remains at Rs 30800—30668 zones. Sideways consolidation within the given range can be expected.
Silver: MCX Silver (July) has immediate key support at Rs 39,450-39,400, while resistance is at Rs 39,830-39,925 levels. If the prices sustain below this level, the bias will turn negative and the precious metal will test Rs 39,100-39,000 levels. Selling only below support is advised.
Base metals
Copper: The base metal on the MCX is expected to face stiff resistance key @Rs 492—502 levels while supports will come in at Rs 464—457 As long as the prices hold below this resistance area, initial dip towards the support area can be seen.
Nickel: The commodity is trading close to its stiff resistance @Rs 1072, whereas support remains at Rs 1040-1018 levels. If the price sustains trade above the resistance.
Energy
Crude oil: It has an intraday resistance @Rs 4444 level on the MCX, while supports are @Rs 4305—4220 levels. Sideways consolidation in the given range will be seen.
Natural gas: Bias on MCX remains weak as long as Rs 202 —207 is capped as Resistance. Supports are at Rs 192-194. Selling around Rs 200 is advised for the session.
