MCX Copper may slip towards till 734 levels as long as it trades below 742 levels -ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to face the hurdle near $1964 level and slip further till $1945 (50-day EMA) amid re-bounce in dollar and US treasury yields. Additionally, hawkish comments from Fed officials will hurt prices. Meanwhile, sharp downside may be cushioned on expectations of disappointing Empire state manufacturing index data from US.
• MCX Gold prices is likely to slip back towards |58,850 level (20- Day EMA) as long as it trades below the resistance level of | 59,400 levels
• MCX Silver is expected to face hurdle near |76,000 level and slip towards |74500 level
Base Metal Outlook
• Copper prices are expected to trade with negative bias amid rebounce in dollar and lackluster economic growth in China. Further, investors fear that elevated borrowing cost for longer duration across major countries in the globe will hurt economic growth and dent demand for industrial metals.
• MCX Copper may slip towards till |734 levels as long as it trades below | 742 levels.
• MCX aluminium is expected to move south towards |199 level, as long as it trades under |203 level
Energy Outlook
• NYMEX Crude oil is expected to face hurdle $76.0 level and move south towards $73.50 level amid bounce back in dollar and as markets braced for a raft of economic data from major countries. Meanwhile, sharp downside may be cushioned on concerns over supply tightens in the near term amid supply cut from major exporters and disruption in Libya and Nigeria
• MCX Crude oil is likely to slip towards |6100 level as long as it trades below | 6300 level (200-Day EMA)
• MCX Natural gas is expected to slip further till |201 level as long as it stays below |215 level.
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