Commodity outlook by Tradebulls Securities: Buy zinc, sell natural gas

Commodity outlook and recommendations by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls Securities

Dollar index continues to trade near 2 years high at 98.73. Currency is chasing headline news of US-China trade war. Indian currency has less scope for appreciation as we expect DXY to trade stronger. Despite strong equity market and weak crude oil prices, currency remains subdued indicating market’s nervousness about fiscal deficit after government giving sops in the form of corporate tax cut and increase in dearness allowance of government employees. 70.50 is strong support and we expect rupee to trade in the range of 70.65-71.70 in the near term.

Gold prices saw some see-saw action where after dipping to