So far, the prices of Gold commodity witnessed an increase but are still facing challenges since Gold’s safe-haven demand wasn’t approved. In this post, we will walk you through the current trading conditions and prices of the metals. Let’s get started:
Base Metals – There are no major changes in the Base metals trading in the last couple of months. The president of the United States (Donald Trump) did not give sufficient information about the US-China trade deal, as a result of which, the base metals are traded flat. Currently, the drop in the prices of copper was controlled as its production and supply ambiguity continued because of the social stress at Chile (the leading producer of the commodity).
Energy – crude oil rates continued its gains especially after the surprising reports that confirmed the downfall in the prices of 5,40,000 barrels per day, contrary to the estimation of an increase in crude oil prices by 1.6 million barrels per day. However, the current statement given by Fed Governor Powell supported the crude oil prices.
MCX Gold – According to the current reports, MCX gold is predicted to be sold with better support. It is estimated to be traded at Rs 37,900 to Rs 38050. For people interested in commodity investment, purchasing the MCX Gold product is highly recommended considering the positive prices.
Gold (SPOT) – Another metal commodity i.e. Gold SPOT is estimated to be sold somewhere between $1460 and $1478.
MCX Silver – Just like MCX gold, MCX silver prices are estimated to be sold positively at Rs 44,300 levels as well as Rs 44,600 (for intermediate levels). Considering the positive trading rates, the purchase of MCX silver is highly recommended for commodity traders.
Silver SPOT – as far as current commodity trading statistics is concerned, SPOT silver will be sold somewhere between $16.67 and $17.25.
MCX Copper –Another popular metal commodity ‘MCX Copper’ is estimated to be sold in a range-bound state with decent support levels of Rs 438 as well as good resistance at 442 Rs.
MCX Nickel – the MCX Nickel is also estimated to be sold in a range-bound state with decent support levels ranging rs 4090 whereas the intermediate support levels reaching rs 4125. For aspiring nickel traders, buying MCX nickel is highly recommended.
MCX Crude Oil – MCX crude oil is estimated to be sold at a decent support level which is approximately 4090 rs. At the same time, the intermediate support level for this commodity will reach 4125 rs. The purchase of MCX crude oil is advisable.
MCX Natural Gas – the first commodity which is expected to trade negatively on this list is MCX Natural gas. With a resistance of up to 195 Rs, the purchase of this commodity is recommended at lower support.
MCX Lead – with a support level of 154 Rs and resistance of 156.50 Rs, MCX Lead is trading positively.
MCX Zinc and Aluminum – MCX Zinc Price is estimated to be sold at decent support of 191 Rs whereas the aluminium will be traded negatively at a resistance level of 133.50.