MCX Silver is expected to rise further till |76,200 level as long as it sustains above 74,400 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to extend its gain towards $1982 amid rise in expectation that major global central banks are nearing the last stage of interest rate hike. Further, expectation of contraction in US manufacturing activities could support the bullish outlook in the metal. Additionally, forecast of drop in job opening numbers could also hurt the dollar.
• MCX Gold October futures is likely to move towards |60,200 level as long as it trades above | 59,600 levels
• MCX Silver is expected to rise further till |76,200 level as long as it sustains above |74,400 level
Base Metal Outlook
• Copper prices are expected to trade with bullish bias on rising prospects of fresh stimulus from China to support the economic recovery. Further, rising probability of a pause in the interest rate by major central banks could also support the red metal to hold its gains. However, weaker than expected manufacturing PMI numbers in Europe and US could limit the upside in the metals. A private survey showed that manufacturing activity in China contracted in July. Caixin manufacturing pmi fell to 49.2 in July from 50.5 in June. MCX Copper is likely to rise towards |760 levels as long as it trades above the |748 levels
• MCX aluminium is expected to extend its rally towards |206.50 level, as long as it trades below |201.00 level
Energy Outlook
• NYMEX Crude oil is expected to rise further till $83 as long as it holds the support level of $80 amid expectation of further tightening in supply and growth optimism in US. Additionally, growing prospects of Fed pause in this year would also support the oil to trade firm
• MCX Crude oil is likely to hold support near |6600 level and rise towards | 6780 levels
• MCX Natural gas is expected to face the hurdle near 224 and move downwards towards |210 level on forecast of cooler temperature in most region’s of US during the month of August.
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