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Gold is likely to remain under pressure as Fed is likely to keep rates higher during the year 2023 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
* Gold is likely to remain under pressure as Fed is likely to keep rates higher during the year 2023 in its fight against inflation. Fed Chair Powell said central bank is likely to increase rates in coming months but more slowly. The CME Fed-watch tool indicates near to 80% probability of 25 bps rate hike in the July Fed meeting. Meanwhile, investors will focus on weekly jobless claims numbers to gauge the economic health of the country
* MCX Gold prices are likely to face a hurdle of 10 day EMA at | 59,200 and weaken towards | 58,400 levels
*MCX Silver is expected to weaken further towards | 68500 as long as it trades below | 70300 level 3 MCX Copper vs. Aluminium Performance MCX Gold vs. Silver Performance Bullion Outlook Base Metal Outl
MCX Gold vs. Silver Performance
Base Metal Outlook
* Copper prices are expected to trade with a positive bias amid tight supply and drop in LME and SHFE stocks. However, sharp gains may be capped on rising prospects of higher interest rate in western economies and hovering doubts over economic recovery in China
* MCX Copper is expected to consolidate in between |725-735. Only close above | 735 it would rise back towards | 740.
* MCX aluminium is expected to consolidate between |201 and |203. Only close below |201 it would slide towards |200.
MCX Copper vs. Aluminium Performance
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Energy Outlook
* Crude oil prices are expected to trade with a positive bias on expectation of drawdown in weekly official inventory. Further, as per API US crude stockpiles fell by about 1.2 million barrels for week ending 16th June. Meanwhile, gloomy picture on economic recovery in China would limit the upside in oil prices
* MCX Crude oil is expected to hold the support of |5830 and move back towards the key resistance near | 6050.
* MCX Natural gas is expected to hold the support near |200 level and move back towards |218 amid forecast of above normal temperature in Texas and some parts of US.
MCX Crude Oil vs. Natural Gas Performance
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