Bullion Outlook:Gold Immediate support is placed at 147,900-143,700
Mumbai, 12 October: Gold prices are hovering above $4,200 in the COMEX market, extending Friday’s recovery after finding support near $4,066. On the MCX front, Gold needs to sustain above the 153,000–156,900 resistance zone to strengthen the recovery and trigger further upside momentum. Immediate support is placed at 147,900-143,700. The near-term outlook will depend on whether prices can maintain their recovery amid broader dollar movements, interest-rate expectations and ongoing geopolitical uncertainty.
MCX Silver is hovering around 225,350, while the Gold–Silver ratio (Mint Ratio) stands near 68.8:1, indicating that silver is underperforming than gold. Immediate support is placed around 219,800, while a sustained move above 229,500 could improve bullish momentum and help prices move towards the 200 DEMA at 236,374. Until silver decisively crosses the immediate resistance zone, the outlook remains cautious, with relative performance against gold likely to remain an important indicator.
Crude Oil Outlook: Immediate support is placed at ₹8,520–₹8,380
Brent crude is trading around $105.40, while MCX Crude Oil has declined nearly 2.5% to around ₹8,650, reflecting renewed selling pressure. Immediate support is placed at ₹8,520–₹8,380. Prices have weakened amid expectations that additional Russian diesel supplies could ease global fuel shortages. US President Donald Trump stated that his administration had reached an agreement for Russia to supply hundreds of thousands of tonnes of diesel fuel and also claimed that Russia and Ukraine had agreed to an immediate energy ceasefire. These developments could ease some supply concerns, although the situation remains fluid. Traders should closely monitor geopolitical developments and actual changes in energy flows, as any escalation or disruption could trigger renewed volatility in crude oil prices.
Kaveri More, Commodity Technical Analyst, Choice Broking
(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)
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