MCX Crude oil is likely to rise towards 6950 as long as it trades above the 6740 mark - ICICI Direct
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Metal’s Outlook
Bullion Outlook
• Spot gold is expected to move north towards $1955, as long as it holds above the support of $1925 mark amid softness in the dollar and US treasury yields. The softer US job numbers and dovish comments form the Fed members has raised the bets that the Fed will stop its rate hike regime. The CME FedWatch toll suggests more than 87% probability that the rates will remain unchanged in the September meeting
• MCX Gold October futures is likely to hold the 50 day EMA support near 59100 and move towards 59,800 level.
• MCX Silver is likely to move towards 73300, as long as it trades above key support neat 71500.
Base Metal Outlook
• Copper prices are likely to gain its strength on expectation of fresh round of stimulus from China. Further, softness in the dollar could provide enough strength to rise towards 750. The rising Chinese demand from the power sector could lift the demand outlook of the metal. However, rising LME inventories and weakness in the manufacturing activities in Europe and China would limit its upside.
• MCX Copper is likely to find support near 735 and rise back towards 750 level.
• MCX aluminium is expected to extend its rebound towards 204, as long as it holds above the 199 level.
Energy Outlook
• NYMEX Crude oil is expected extend its gains towards the $84 mark amid the latest production curbs from Saudi Arabia and Russia. These supply cuts are tightening the market. Further, softness in the dollar index and expectation of more stimulus from China along with improved US economic outlook would help the oil to hold its bullish momentum in the near term. A move above $84 would open the doors to the next key level of $87.
• MCX Crude oil is likely to rise towards 6950 as long as it trades above the 6740 mark.
• MCX Natural gas is expected rise towards 220 as long as it trades above the 205 mark.
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631
Above views are of the author and not of the website kindly read disclaimer
