MCX Gold may trade higher till 27080: Motilal Oswal

Mumbai-India (Apr 21)  Gold prices are slightly higher but a stronger dollar will cap gains on the Comex. A weaker INR may however support domestic prices.

Base metals are lower as effect of the Chinese RRR cut seems to be weakening and a stronger dollar capped gains too.

Crude prices are flattish and prices may remain choppy owing to Nymex expiry later today.

MCX Gold broke out of resistance Rs.26850 and rallied above Rs.26960 but has fallen again towards Rs.26830. Short-term bias however, still looks positive above immediate supports at Rs.26710. Break above Rs.26965 could lead to rally towards Rs.27080 level. Selling is advised only on break of Rs.26710. Lower support is at Rs.26560 level.

Spot Gold continues to consolidate and is trading close to $1198. Consolidative move could be seen for the day in the range of $1190 - 1207. Break on either side could give further direction.

NCDEX Gold Hedge looks to trade in a consolidative range for the day. Break on either side of Rs.23960 - 24430 could give further direction.

MCX Silver recovered from its low and is trading close to Rs.36211. Intraday supports are placed at Rs.36000 - 35925 whereas resistance is at Rs.36430 - 36735 zone. Either break Rs.36430 - 36000 will give further confirmation.

Spot Silver is trading marginally positive around $16.07. Key support remains at $15.75- 15.85 whereas resistance is at $16.10 - 16.50. As long as above 15.75, range bound to positive move could be seen. Breach below 15.75 could be strongly bearish for the same.

MCX Copper has strong short-term support at Rs.378.40 - 376 whereas Rs.385.50 - 385 could act as short term resistances. Buying on dips is advisable for the day.

MCX Nickel - Bias for MCX Nickel is sideways to positive as long as price sustains above 778 / 785 area. Immediate resistance is at Rs.814 / 820. Buying on dips is advisable but our view might negate if it breaches 778 on lower side.

MCX Crude Oil (May contract) is marginally negative trading close Rs.3649. Short term bias for the counter still remains positive as long as price holds above Rs.3550 - 3595 zone. Intraday resistances are placed at Rs.3695 - 3720 level.

MCX Natural Gas looks to trade in a range of Rs.159.30 - 163.50 and sustainable move on either side will give further trend direction. Price sustained break above Rs.163.50 could continue its positive move towards Rs.165.50 - 168.50 whereas breach below 159.50 could target 156 again.

MCX Lead - Bias for MCX lead remains sideways to positive as long as price holds above Rs.125.70 level. The metal is expected to remain range bound for the session and buying on dips is advisable. Intraday resistances are placed at Rs.128.20 - 128.90 level.

MCX Zinc is trading with negative bias at Rs.137.60. Short term correction might continue for the session as long as price stays below immediate resistance near Rs.138.80. Strong support on the lower side is placed at Rs.135.70 level.

MCX Aluminium - Bias for MCX Aluminum looks positive as long as above support at Rs.113.10. Resistances is seen at Rs.115.8 - 116.60. Buying on dips is advisable for the day.

Source: CommodityOnLine