MCX Aluminium prices are expected to trade in downward trend towards the level of 208 - ICICI Direct
Bullion Outlook
• Gold prices are likely to trade with a negative bias for the day amid rise in US treasury yields and firm dollar. Yields are rising as investors await the outcome of debt ceiling talks between US President Joe Biden and top congressional Republicans. Meanwhile, sharp downside may be cushioned on expectation of disappointing economic data from US
• MCX Gold likely to continue its downward trend towards the level of 59,750, as long as it sustains below the key resistance level of 9 DMA at 60,540
• MCX Silver is expected to trade in downward trend towards the level of 72,000
Base Metal Outlook
• Copper prices are expected to trade with a negative bias for the day amid firm dollar. Further, expectation of weak economic data from major countries across globe will weigh on prices. Additionally, anxiety over US debt ceiling and lack of extra stimulus from China will hurt copper prices
• MCX Copper is likely to break the level of 715.50 to continue its downward trend towards the level of 712
• MCX Aluminium prices are expected to trade in downward trend towards the level of 208
Energy Outlook
• Crude oil prices are expected to trade with a positive bias on expectation of tighter markets due to seasonal rise in gasoline demand and voluntary supply cut from Opec+ producers. However, sharp upside may be capped on firm dollar and as investors await news from debt ceiling negotiations
• MCX Crude oil price is likely to continue its upward trend towards the level of 6100 as long as its sustains above 5900 levels
• MCX Natural gas is expected to tumble towards the level of 190 as long as it sustains below 205 levels
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