Spot gold is likely face the hurdle near $1938 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely face the hurdle near $1938 and weaken further towards $1900 amid recovery in US dollar index and surge in US treasury yields across curve. Further, prospect of additional rate hikes by US Fed would weigh on bullion prices. Markets are pricing in a 77% chance that Fed will hike rate by 25bps at its policy meeting in July. Meanwhile, investors will focus on key manufacturing and service PMI numbers to gauge the economic health of the country
• MCX Gold prices are likely to face a hurdle near | 58,700 and weaken towards | 57,800 levels
• MCX Silver is expected to weaken further towards | 67500 as long as it trades below | 69000 level
MCX Gold vs. Silver Performance
Base Metal Outlook
• Copper prices are expected to face the resistance of 200 day EMA near 733 and weaken further towards 722 on expectation of weak manufacturing numbers in the western economies. Further, rising prospects of higher interest rate across major countries could hamper the demand outlook. Meanwhile, depleting stocks in LME and SHFE could limit its downside
• MCX Copper is expected to consolidate between |722-733. Only close below | 722 it would weaken towards | 718.
• MCX aluminium is expected to weaken towards |198, as long as it trades below |203
MCX Copper vs. Aluminium Performance
Energy Outlook
• Crude oil prices are expected to trade with a negative bias on worries that aggressive monetary tightening by major central banks to tame inflation could push economies into deeper slump denting fuel demand. Further, expectation of weakness in manufacturing activities in western economies and gloomy picture on economic recovery in China would hurt oil prices
• MCX Crude oil is expected to dip towards the support of |5600 as long as it trades below the 10 day EMA at | 5840
• MCX Natural gas is expected to hold the support near |205 level and move back towards |218 amid forecast of above normal temperature in Texas.
MCX Crude Oil vs. Natural Gas Performance
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