MCX Crude oil is likely to rise towards 7400 level as long as its sustains above 7150 levels

09-07-2023 10:23 AM | Source: ICICI Direct

MCX Crude oil is likely to rise towards 7400 level as long as its sustains above 7150 levels - ICICI Direct

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Metal’s Outlook

Bullion Outlook

• Spot gold is likely to slip towards $1900 levels as long as it sustains below $1925 levels amid firm dollar and elevated US treasury yields. Yields are rising as fresh economic data from US showed signs of resilience bolstering expectations that Fed may keep rates higher for longer duration. Meanwhile, investors will remain cautious ahead of US Fed policymakers comments and initial jobless claims data to get cues on interest rate outlook

• MCX Gold prices is likely to move further south towards 58,800 level as long as it trades below the resistance level of 59,300 levels

• MCX Silver is expected to slip further till 71,500 level as long as it sustains below 73,000 level

Base Metal Outlook

• Copper prices are expected to trade with negative bias amid firm dollar, mounting copper inventories at LME registered warehouses and pessimistic global market sentiments. Further, expectation of weak economic data from Germany and China will hurt industrial metal. Meanwhile, sharp fall may be cushioned on hopes for more stimulus from China to revive its economic growth and support ailing property sector

• MCX Copper may slip further towards 728 levels as long as it trades below 740 levels

• MCX aluminium is expected to move south towards 200.00 level, as long as it trades below 202.40 level

Energy Outlook

• NYMEX Crude oil is expected to rise towards $88.50 as long as it trades above $86.50 level as industry data showed US crude stockpiles possibly have declined last week signaling tightening supplies when there is already fears over supply shortages after Saudi Arabia and Russia extended their voluntary output cut through December. Further, forecast of drawdown in weekly EIA inventory will be supportive for oil prices

• MCX Crude oil is likely to rise towards 7400 level as long as its sustains above 7150 levels

• MCX Natural gas is expected to move downwards towards 205 level as long as it stays below 218 level amid forecast for cooler than normal US temperatures