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Commodities outlook: Expect further correction at bullion counter

Precious metals, including gold and silver, lost their allure a bit on Monday morning. The dollar remained steady against its peers ahead of key central bank meetings and US inflation and payroll data this week.

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.

The brokerage house has ‘Sell’ on gold with a target price of Rs 29,420 and stop loss at around Rs 30,020. One can enter gold at around Rs 29,800.

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.

Energy: Nirmal Bang expects prices to go range bound to higher for the day, with US benchmark WTI nudging higher after four weeks of declines. Brent began the week lower as the fallout from trade tensions weighed on markets.

Agri commodities

Soybean futures: Angel Commodities expects soyabean futures to trade sideways to higher on steady improvement in demand from the oilNSE -0.28 % mills as higher incentives for soy meal exports may keep prices supported.

Mustard futures are expected to trade mixed to lower on further corrections, but improved demand for crushing and lower arrivals may support prices from lower levels.

Moreover, improved meal exports will prop up mustard prices. The brokerage house also projected that chana futures may trade sideways to higher due to technical recovery, but reports of NAFED selling its procured chana in the physical market may keep prices under pressure.

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