MCX Silver is expected to rise further till 75,500 level as long as it sustains above 74,000 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook?
• Spot gold is likely to hold the support near $1950 and rise further till $1975 amid weakness in dollar and expectation of correction in US treasury yields across curve. Further, market participants anticipates that US central bank may put a break on rate hiking cycle after a widely expected 25bps increase at today’s meet
• MCX Gold prices is likely to move north towards |59,550 level as long as it trades above the support level of | 59,000 levels
• MCX Silver is expected to rise further till |75,500 level as long as it sustains above |74,000 level
Base Metal Outlook
• Copper prices are expected to trade with with positive bias amid soft dollar and on optimism of stronger metal demand after Chinese authorities pledged additional support to shore up country’s faltering economy. However, investors will remain vigilant ahead of series of central bank meeting scheduled this week. Further, investors will await clues on the outlook from policymakers especially from Fed Chair Powell
• MCX Copper may rise towards |746 levels as long as it trades above |735 levels
• MCX aluminium is expected to move north towards |201 level, as long as it trades above |198.0 level
Energy Outlook
• NYMEX Crude oil is expected to move further till $81 as long as it stays above $77.50 (200-Day EMA) on soft dollar and fears over supply tightness in near term after cuts from OPEC and allies like Russia. Further, world’s second biggest oil consumer China pledged to step up economic policy support. Additionally, weekly EIA report is expected to show that US crude oil inventories declined by 2.2 million barrels last week
• MCX Crude oil is likely to rise towards |6600 level as long as it trades above | 6450 levels
• MCX Natural gas is expected to move upwards towards |230 level as long as it stays above |218 level (20-Day EMA)
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