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Published on 17/01/2020 11:11:00 AM | Source: ICICI Direct

CY20 Commodity Outlook by ICICI Direct

Posted in Commodities Reports| #Commodity Tips #ICICI Direct

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Gold ($1478): Consolidation likely in range of $1585-1375

Gold prices after last year’s sharp rally have approached overbought territory. Hence, consolidation is likely in the coming year in the broad range of $1585-1375

 

Brent ($66): Upsides capped…

Upside appears to be capped in Brent prices and is expected to oscillate in the broad range of $55-75 in the medium term

 

LME Aluminium ($1755): Corrective phase approaches maturity…

The corrective decline of the last two years is approaching maturity as prices forming higher bottom near the major support area of $1700. We expect aluminium prices to witness a pullback in the coming year towards $2150 levels

 

LME Copper ($ 6145): Attractively poised above long term value area…

A slower retracement of the last rising segment as it has already taken eight quarters to retrace just 61.8% of the previous eight quarters up move (4310- 7323) signalling positive price structure

 

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