MCX Silver is expected to correct further till 74,000 level as long as it sustains below 75,500 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to face hurdle near $1975 level and slip back towards $1950 level (50-Day EMA) amid firm US dollar and rise in US treasury yields across curve. Additionally, investors will remain cautious ahead of US Federal Reserve policy meeting scheduled this week, where central bank is broadly expected to hike rates by another 25bps and keep it elevated for longer period.
• MCX Gold prices is likely to move south towards |58,900 level as long as it trades below the resistance level of | 59,600 levels
• MCX Silver is expected to correct further till |74,000 level as long as it sustains below |75,500 level
Base Metal Outlook
• Copper prices are expected to trade with negative bias amid firm dollar and risk aversion in the global markets. Further, preliminary purchasing manager survey from S&P global is likely to show that activity in the manufacturing sector across the major countries contracted, denting demand for industrial metal. Meanwhile, hopes for more stimulus from China to shore up country’s faltering economy may cushion sharp fall in base metal prices
• MCX Copper may slip further towards |718 levels as long as it trades below |726 levels
• MCX aluminium is expected to move north towards |198.50 level, as long as it trades above |195.0 level
Energy Outlook
• NYMEX Crude oil is expected to face hurdle near $77.40 level on firm dollar and weak global market sentiments. However, sharp downside may be cushioned on concerns over tighter supplies in coming months and rising tension between Russia and Ukraine. Further, investors hopes that China will unveil more stimulus that would revive economic growth and energy demand
• MCX Crude oil is likely to slip back towards |6200 level as long as it trades below | 6312 level (200-Day EMA)
• MCX Natural gas is expected to move downwards towards |215 level as long
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