Gold prices continued to rise on Thursday amid weak US dollar and decline in US treasury yields - ICICI Direct
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Bullion Outlook
* Gold prices are likely to trade with a positive bias amid weak dollar and decline in US treasury yields. Further, bullion prices may rise on expectations that the US Fed may not hike interest rates this month. As per CME Fed watch tool market now see 74% chance of rate pause. Furthermore, Non-farm payrolls data is expected to show labour market cooled through may giving Fed more incentive to hold rates steady
* MCX Gold prices are likely to break the level of 20 DMA at 60,320 to continue its upward trend towards the level of 60,750
* MCX Silver is expected to trade towards the level of 73,700 after it surpass the hurdle of 20-DMA at 73,180
Base Metal Outlook
* Copper prices are expected to trade with a positive bias amid soft US dollar and better than expected economic data from China eased concern over weak demand. Further, prices may move up as progress on the bill to raise debt ceiling and hopes that Fed may hit a pause button in June meeting improved risk sentiments
* MCX Copper prices broke the level of 9 DMA at 709.90 to trade in upward trend. It is likely to continue the trend towards the level of 722
* MCX aluminium is likely to continue its upward trend towards the level of 210
Energy Outlook
* Crude oil prices are expected to trade with a positive bias amid rise in risk appetite in the global markets and weak dollar. However, sharp upside may be capped as investors will remain cautious ahead of OPEC+ meeting scheduled on 4 th June, where oil producing countries will decide whether to trim output further
* MCX Crude oil is likely to continue its upward trend towards the immediate hurdle of 9 DMA at 5940, as long as it sustains above the level of 5770
* MCX Natural gas is expected to trade in downward trend towards the level of 173 as mild weather may limit demand for the fuel for both heating and cooling
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