IGI Logo

Bullion Outlook

* Gold prices are likely to trade with a negative bias amid a firm dollar. However, sharp downside may be cushioned as mixed batch of data from the US kept hopes alive that the Fed would pause rate hikes from the upcoming meeting. Higher unemployment rate and ease in wage growth prompted markets to price in 74% chance of Fed hitting pause button

* MCX Gold prices is likely to slip further till | 59,200 level as long as it stays below | 59,800 levels

* MCX Silver is expected to follow the gold movement and trade in a downward trend towards the level of | 71,400

Base Metal Outlook

•* Copper prices are expected to trade with a negative bias amid worries over China’s weak economic recovery and firm dollar. Further, prices may slip on concerns over demand outlook as elevated borrowing cost across major countries are hampering economic growth

* MCX Copper is likely to break the level of | 714 to continue its downward trend towards the level of 9 DMA at | 709.80

* MCX aluminium is likely to slip further till | 206 levels as long as it sustains below | 209 levels

Energy Outlook

* Crude oil prices are expected to trade with a positive bias as the world's top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July. Opec+ agreed to extend supply cuts into 2024. Additionally, prices may rise on prospects that Fed would pause its rate hike this month

*MCX Crude oil is likely to continue its upward trend towards the key resistance level of 6000

*MCX Natural gas is expected to trade in downward trend towards the level of 177 as the market continues to buckle under the weight of an abundance of supply and weak demand

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631

Above views are of the author and not of the website kindly read disclaimer