NEW DELHI: Gold and silver slipped in Wednesday’s trade along with crude oil amid uncertainty on US stimulus and prevailing tensions between US and China. Base metals were trading with gains.

Gold fell 0.93 per cent while silver dropped 2.37 per cent. Base metals gained with zinc rising the most at 0.8 per cent. Meanwhile, crude oil slipped 0.31 per cent but its peer natural gas was up 0.89 per cent.

“A weak US currency and expectations of more economic easing measures amid slow global growth continue to lift the safe haven demand of gold. However, intermittent profit booking cannot be ruled out as signs of easing US – China trade tensions and optimism about the coronavirus vaccine,” said Hareesh V, Geojit’s Head of Commodity Research at Geojit Financial Services.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.30 per cent or 3.30 points at 1,091.00 led by losses in cottonseed oilcake and jeera.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may post correction from higher levels where gold may test Rs 52,800 and face resistance near Rs 53,950 while silver may test Rs 65,200 and face resistance near Rs 71,800.

Base metals: Base metals may trade with sideways to bullish bias. Copper can move towards Rs 530 by taking support near Rs 518. Zinc may move towards Rs 195 and take support near Rs 192. Lead can move towards Rs 158 while taking support near Rs 154. Nickel trade bullish bias where it may take support near Rs 1,120 and face resistance near Rs 1,185. Aluminum may move towards Rs 147 while taking support near Rs 143.

Energy: Crude oil may trade sideways to bullish where it may take support near Rs 3,120 and resistance is seen near Rs 3,290. Natural gas may trade with bullish bias where resistance is seen near Rs 185 taking support near Rs 175.

Spices: Turmeric futures (Sept) is likely to consolidate in the range of Rs 5,750-5,850. Jeera futures (Sept) will possibly continue to hold on the support near Rs 14,190, while the upside may get extended towards Rs 14,500-14,600. Dhaniya futures (Sept) is expected to take support in the range of Rs 6,500-6,550, while the upside may remain capped near Rs 6,700.

Oilseeds: Soybean futures (Sept) is expected to trade sideways in the range of Rs 3,730-3,800. Soy oil (Sept) may face resistance near Rs 876, while CPO (Aug) may get stuck in the range of Rs 750-765. Mustard futures (Sept) is likely to trade higher towards Rs 5,200-5,220, taking support near Rs 5,130.

Other commodities: Cotton futures (Aug) is expected to trade higher towards Rs 16,550-16,600 taking positive cues from the spot markets. Chana futures (Sept) is likely to take support near Rs 4,350, while the upside of Rs 4,400-4,450 can be seen. Guar seed and guar gum futures (Sept) would probably trade higher towards Rs 4,200 and Rs 6,600, respectively.