MCX Silver is expected to face hurdle near 76,000 level and slip towards 74500 level - 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 expectation of pull back in dollar from its 1-month low and rise in US treasury yields. Additionally, forecast of improved economic data from US and hawkish comments from Fed officials will hurt prices. Investors await on Fed meeting scheduled next week where central bank is expected to hike rates by 25 bps
• 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 | 59,300 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 as lackluster economic data from China has led to fears that economy is loosing momentum. Further, increasing supplies and tepid demand in China has raised the expectations of growing inventories. Additionally, investors will keep an eye on slew of economic data from major countries across the globe to gauge the economic health
• MCX Copper may slip further towards till |718 levels as long as it trades below |730 levels (200-Day EMA).
• MCX aluminium is expected to move south towards |198 level, as long as it trades under |201 level
Energy Outlook
• NYMEX Crude oil is expected to slip further towards $72.80 level (20-Day EMA) on fears that slowdown in global economic growth due to higher borrowing cost will dent fuel demand. Further, weaker than expected economic data from China has raise the question on whether demand from second largest oil consumer will hit record high this year. Additionally, markets will brace for a raft of economic data from major countries.
• MCX Crude oil is likely to slip towards |6000 level as long as it trades below | 6200 level
• MCX Natural gas is expected to slip further till |200 level as long as it stays below |214 level.
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