MCX Gold October futures is likely to face the hurdle near 59700 and move towards the 50 day EMA at 59,100 level

08-04-2023 10:01 AM | Source: ICICI Direct

MCX Gold October futures is likely to face the hurdle near 59700 and move towards the 50 day EMA at 59,100 level - ICICI Direct

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Metal’s Outlook

Bullion Outlook

• Spot gold is expected to face the hurdle near $1948 and weaken towards the $1925 mark amid rise in US treasury yields. Meanwhile, trader will remain cautious ahead of Today’s key US NON-Farm payroll numbers and Average hourly earnings numbers which will impact the Federal Reserve’s next move on rates.

• MCX Gold October futures is likely to face the hurdle near 59700 and move towards the 50 day EMA at 59,100 level. Only close below 59100, it would weaken towards 58800.

• For MCX Silver 71800 holds a crucial level. A move below 71800 would weaken the price further towards 71000. On the flipside, a move above 73000 would bring back bulls to the action and push the price towards 74200.

Base Metal Outlook

• Copper prices are likely to gain the momentum on expectation of fresh round of stimulus from China. However, the upside could be capped amid rise in LME inventories and weakness in the manufacturing activities in China. Meanwhile, focus shifts towards key US Non- Farm payroll number data which may bring further clarity in the direction of the metal

• MCX Copper is likely to find support near 740 and rise back towards 752 level.

• MCX aluminium is expected to extend its rebound towards 203.50, as long as it holds above the 199 level.

Energy Outlook

• NYMEX Crude oil is expected hold its gains amid rising prospects of supply tightness into September and possibly beyond. These supply cuts are tightening the market. Further, rising expectation of more stimulus from China to support the economy could help the oil to stay above the $79 mark. The Nymex Crude oil is expected to rise towards $83.50, as long as it holds above the $79 level.

• MCX Crude oil is likely to rise towards 6850 as long as it trades above the 6600 mark.

• MCX Natural gas is expected rise towards 220 as long as it trades above the 205 mark. However forecast of cooler temperature in most region’s of US could limit the upside in prices.