Commodities outlook: Expect further correction at bullion counter
Here’s a lowdown on outlook of different commodities as brought out by different brokerages.
Bullion: According to Way2Wealth Brokers, gold prices have been correcting gradually for the last three months and are expected to correct further from these. This will be towards immediate support placed around 61.8% Fibonacci retracement of its rally from low of Rs 28,055 till high of Rs 31,620, which is placed around Rs 29,417 level.
Base metals: Industrial metals were trading lower on international bourses today. Nirmal Bang Commodities expects prices to be range bound for the day as investors shrugged off a potential strike at the world’s largest copper mine and focused instead on a raft of economic reports that may indicate slowing growth in top metal consumer China.