Commodity outlook: Gold setup bullish, base metals' bearish

Gold prices held steady as they continued to trade in a range after minutes of US Federal Reserve June policy meeting. The FOMC minutes stated that further gradual increases in target range for the federal funds rate will be consistent with sustained expansion of economic activity.Base metals corrected for yet another session, with copper suffering seventh straight day of fall, losing more than 3%, its lowest level since July last year. Zinc's woes continued and the metal is now down nearly 20 per cent YTD.Crude oil dipped as market turned cautious ahead of a raft of import tariffs expected to be imposed later in the day by the world's two biggest economies, the United States and China.Here's a lowdown on how key commodities are likely to shape up in the evening trade, as provided by Motilal Oswal Financial Services.MCX Gold: MCX Gold has immediate support at Rs.30550 / 30470, whereas resistance is at Rs.30750. Trend remains positive as long as price holds above Rs.30470 level. Dip buying is advised.Gold $ (SPOT): Spot Gold has immediate resistance at $1261 whereas supports are placed at Rs.1252 / 1246. Short-term bias is bullish as long as above $1246.MCX Silver: MCX silver (sept) has immediate support at Rs.39700 / 39400, whereas resistances are at Rs.39950 - 40100. Trend remains positive as long as price holds above Rs.39400.Silver $ (SPOT): Spot Silver is expected to remain in a broad range of $15.95 - 16.15 and either side sustained breach could be decisive.MCX Copper: It has immediate resistances at Rs.435 - 436.50 whereas supports are at Rs.429- 428. Sideways consolidation is likely.MCX Nickel: MCX Nickel has strong resistances at Rs.971 / 988 whereas supports are at Rs.955 - 945 zone. Even though the short-term trend is bearish, downside looks limited.MCX Crude Oil: Intraday correction is likely to deepen as long as price stays below Rs.5050 level. Intraday supports are at Rs.4995 / 4940. Selling on rise is advised.MCX Natural Gas: Sideways consolidation is expected in MCX Natural Gas in range Rs.194.50 - 199.50. Either side sustained breach could be decisive. Lower supports are at Rs.191 - 189, whereas resistances are at Rs.202.50 - 204.50.MCX Lead: Short term trend remains bearish in MCX Lead as long as price holds below Rs.165. Immediate supports are at Rs.159- 158 whereas resistances are at Rs.161 - 162.MCX Zinc: Sideways consolidation is expected in MCX Zinc in range Rs.185 - 190. Either side sustained breach could be decisive. Lower supports are at Rs.182 - 181, whereas resistances are at Rs.193 - 195.MCX Aluminium: MCX Aluminium remains bearish below Rs.146. Immediate resistances are at Rs.144.30 - 145, whereas supports are at Rs.142 - 141.MCX Brass: MCX Brass looks to trade in range Rs.340 / 380.

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