Bullions View
MCX gold for October contract is trading in a Falling Wedge pattern where recently prices had taken support at lower band around 29,800 and is inching higher.
Once it breaks the upper band resistance of 30,050, we could see a sharp up move towards 30,300 followed by 30,500. On the other hand, if it breaches the lower band support of 29,775, gold prices could decline towards the 29,500 mark. However, bias remains positive for gold going forward.
Energy View
Crude oil prices are showing signs of reversal from its lower levels by giving an hourly close above the upper band resistance of 4,800. Also, the momentum indicator, RSI has also gone above 60 mark on the hourly charts, giving positive confirmation.
Crude oil can head higher towards the 5,000 mark in the coming sessions. A small dip near 4,770 can also be considered as buying opportunity.
Base Metals View
As long as base metals are concerned, lead, nickel and aluminium remained strong in the previous session, while copper remained flat and zinc gave a negative close.
Outlook remains positive for metals as structure for all metals look bullish. For aluminium, immediate resistance lies near 141.80, above which we may see prices heading higher towards 143.50. Lead, on the other hand, can inch higher towards 148.80 going forward.
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