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Metal’s Outlook

Bullion Outlook

• Spot gold is likely to face the hurdle near $1952 and slip further till $1930 level amid strong dollar and surge in US treasury yields across curve following slew of robust economic data from US. Further, fresh economic data from US signals that US may avert recession, increasing the probability of Fed raising interest rates again if it continues to see strong economic numbers. Even Fed Chair Powell said central bank will make data-driven decisions on a meeting-by-meeting basis. Meanwhile, all eyes will be on Core PCE price index

• MCX Gold prices is likely to move further south towards |58,500 level as long as it trades below the level of | 59,250 levels

• MCX Silver is expected to slip further till |72,700 level as long as it sustains below |74,300 level

Base Metal Outlook

• Copper prices are expected to trade with with negative bias amid strong dollar following slew of upbeat economic data from US. Further, prices may slip on lackluster demand from China. Additionally, investors fear that higher borrowing cost across the major countries would hurt economic growth and dent demand for industrial metal. US Fed increased the rate marking its 11th rate increase and ECB raised interest rates for the 9 th straight time and said it was open-minded about further tightening

• MCX Copper may slip towards |730 levels as long as it trades below |742 levels

• MCX aluminium is expected to move south towards |196.50 level, as long as it trades below |199.00 level

Energy Outlook

• NYMEX Crude oil is expected to rise further till $81 as long as it holds the support level of $78.50 amid concerns over supply tightness in the near month following OPEC+ production cut. Additionally, fresh economic data from US suggest that world’s largest economy would likely to dodge a recession despite of aggressive monetary tightening by Fed

• MCX Crude oil is likely to hold support near |6450 level and rise towards | 6650 levels

• MCX Natural gas is expected to move downwards towards |205 level as long as it stays below |218 level. Prices may slip on larger than expected build in weekly EIA inventories and forecast for cooler US temperature next week

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