As per Reuters, gold prices fell to hover around its four-month low touched in the previous session, as share markets rose and the dollar gained after strong US housing data dampened concerns about an economic slowdown in the country.
Let’s take a look at how various commodities may fare today, as projected by brokerage SMC Global Securities.
Bullion: Bullion counter may trade flat with a negative bias, tracking global cues. It may test Rs 31,400 while facing resistance near Rs 31,700. Silver can test Rs 36,750 while facing resistance near Rs 37,250.
Spices: Turmeric futures (May) may consolidate in a broader range of Rs 6,250-6,450. Jeera futures (May) may see some buying and in days to come, it may test Rs 17,200-17,300 levels. Coriander futures (May) is trapped in the range of Rs 7,050-7,250 for
Oilseeds: Soybean futures (May) is giving a lower closing for the last two weeks. The short covering may face resistance near Rs 3,750. Mustard futures (May) is likely to face resistance near Rs 3,810 and the upside may remain capped. Soy oil futures (May) is likely to trade sideways in the range of Rs 735-740. CPO futures (May) will remain trapped in the range of Rs 541-546.
