MCX Copper may rise further towards till 731 levels as long as it trades above 721 levels - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to rise further till $1990 level as long as it trades above $1945 (50-day EMA). Gold prices will rally further amid soft dollar and decline in US treasury yields. Further, poor economic data from US boosted expectations that US central bank will hit a pause button on rate hike cycle after a widely expected 25bps increase at its upcoming policy meet. Further, demand for safe haven may increase on concern over global economic slowdown
• MCX Gold prices is likely to move north towards |60200 level as long as it trades above the support level of | 59,400 levels
• MCX Silver is expected to rise further till |76,800 level as long as it hold the support near |75500 level
Base Metal Outlook
• Copper prices are expected to trade with positive bias amid weak dollar and on hopes for more stimulus from China to revive its economic growth. However, sharp upside may be capped on expectation of weak housing data from US
• MCX Copper may rise further towards till |731 levels as long as it trades above |721 levels
• MCX aluminium is expected to move south towards |196 level, as long as it trades under |198.50 level
Energy Outlook
Energy Outlook
• NYMEX Crude oil is expected to move further north towards $77 level on weak dollar and worries over supply tightness in the near term. Further, series of disappointing economic data from US boosted expectations that Fed will stop hiking interest rates after July meeting. Additionally, weekly EIA report is expected to show that US crude oil inventories declined by 2 million barrels last week
• MCX Crude oil is likely to rise towards |6320 level as long as it trades above | 6120 level
• MCX Natural gas is expected to move upwards towards |221 level as long as it stays above |209 level (50-day EMA). Natural gas prices may rally further as hot long term weather forecasts will boost cooling demand
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