MCX Copper May future is expected to hit the key support at 738

01-01-1970 12:00 AM | Source: ICICI Direct

MCX Copper May future is expected to hit the key support at 738 - ICICI Direct

News By Tags | #473 #3961

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Bullion Outlook

* Gold is expected to hold its ground amid safe haven buying as the US debt ceiling approaches near its deadline. Further, rising concerns about regional banking sector and the possibility of an imminent recession would support the precious metal to stay higher

* MCX Gold is likely to hold the key support at 59800 and rise towards 60600.The rebound in the RSI from the neutral zone could provide some support

* MCX Silver is expected to hold the support near 73300 and rise back towards 75000. Fresh buying would emerge only above the key resistance at 75000

Base Metal Outlook

* Copper is expected to remain under pressure amid concerns over weakness in economic recovery of the world’s top consumer China. Further, increasing fears of a recession in the US could also weigh over the metal

* MCX Copper May future is expected to hit the key support at 738. A move below 738 would weaken the price further towards 730- 728. On the upside, 748-753 would act as key resistance to the price

* MCX Aluminium slid below the 50 day EMA at 209. Hence, as long as it trades under 209 it could slip further towards 205-204

Energy Outlook

• Oil prices are expected to trade under pressure amid growing concerns over a global economic slowdown. MCX Crude oil has moved below the bearish crossover of 5 and 10 day EMA, which could weaken the trend and push the price towards 6200-6150. On the upside, 6500 would act as major resistance

• Natural gas futures are expected to consolidate in a wider range of 195-205. A move outside the range would bring clarity in the direction. Above 205 it would rise towards 212- 215. Similarly, below 195 it would slide to 188-184