MCX Crude oil is likely to rise back towards 6300 level as long as it trades above 6150 level - 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 $1965 level amid soft dollar and decline in US treasury yields. Further, recent economic data from US re-ignited hopes that US central bank may soon hit a pause button on rate hiking cycle after a widely expected 25bps increase at its July policy meet. Moreover, investors will keep an eye on data from US to gauge economic health of the country
• 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 soft dollar and rise in risk appetite in the global markets. Further, prices may rally on China’s pledge to revive its economic growth. Meanwhile, lackluster demand in world’s top metal consumer China and expectation of disappointing economic data from US may prevent sharp upside in prices
• MCX Copper may rise further towards till |728 levels as long as it trades above |718 levels
• MCX aluminium is expected to move north towards |197.50 level, as long as it trades above |195.80 level
Energy Outlook
Energy Outlook
• NYMEX Crude oil is expected to hold the support near $74.50 and bounce back to $76.50 level on soft dollar, optimistic global market sentiments and tighter US crude supplies. Further, declining inflation in US and abroad have re-ignited hopes that major central banks does not need to be more aggressive in increasing rate’s. Additionally, China’s top planner pledge to roll out policies to restore and expand consumption.
• MCX Crude oil is likely to rise back towards |6300 level as long as it trades above | 6150 level
• MCX Natural gas is expected to move downwards towards |210 level as long as it stays below |218 level.
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