MCX Aluminium prices are expected to continue there upward trend towards the level of 212 - ICICI Direct
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Metal`s Outlook
Bullion Outlook
• Gold prices are likely to trade with a positive bias for the day amid weakness in dollar and pull back in US treasury yields. Further, demand for safe haven may increase on uncertainty around US debt ceiling and over the banking sector stability. Additionally, comments from Fed officials fueled the bets that central bank may hit a pause button in its next policy meeting
• MCX Gold likely to break the level of 9 DMA at 60,660 to continue its upward trend towards the level of 61,000
• MCX Silver is expected to follow the gold movement and trade in upward trend towards the level of 74,700
Base Metal Outlook
• Copper prices are expected to trade with a negative bias for the day amid weak global market sentiments and continues rise in copper inventories at LME registered warehouses. Market sentiments are hurt on uncertainty around US debt ceiling negotiations and lingering banking fears
• MCX Copper is likely to trade towards the key support level of 715, as long as it sustains below the key resistance level of 9 DMA at 729.30
• MCX Aluminium prices are expected to continue there upward trend towards the level of 212
Energy Outlook
• Crude oil prices are expected to trade with a negative bias amid weak global market sentiments. Further, markets await more progress in negotiations over US debt ceiling. Additionally, traders are concerned about the impact on energy demand due to China’s lacklustre economic recovery and possibility of recession in US. Meanwhile, sharp downside may be cushioned on soft dollar and supply cuts from Canada and OPEC+ producers
• MCX Crude oil price is likely to continue its downward trend towards the level of 5820
• MCX Natural gas is expected to face hurdle near 223 levels and slip back towards 207 levels
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