MCX Gold futures is expected to consolidate in between 58200-58600 - ICICI Direct
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Metal’s Outlook
Bullion Outlook.
* Spot gold is likely to find support near the $1880 level and rise back towards $1900 amid safe haven buying and as traders braced for central bankers gathering at Jackson Hole Symposium for outlook on interest rates. Further, hopes of fresh stimulus by the PBOC after the rate cut would also bring a pause in its decline. However, rising expectation of higher rates for longer period by the Fed could limit its upside.
* MCX Gold futures is expected to consolidate in between 58200-58600. Only a move outside of the range would bring more clarity in its direction. A move below 58200 would weaken it towards 58000. Similarly above 58600 it would rise towards 59000.
* MCX Silver is likely to face the hurdle near 71000 and weaken towards 69500 levels.
Base Metal Outlook
* Copper prices are expected to extend its rebound amid hopes of fresh stimulus from the top metal consumer China. The PBOC has cut its 1- year rates again to 3.45% for the 2 nd time this year, which could boost the demand optimism in the metals. Meanwhile rising inventory levels in LME and SHFE could restrict more upside in the metal
* MCX Copper is likely to hold the support near 720 and push the price towards 730. Above 730 it would rise back towards the 200 day EMA at 734.
* MCX aluminium is hold its ground near 195 and move back towards the immediate resistance at 199.50-200 zone.
Energy Outlook
* NYMEX Crude oil is expected to hold the key support level near $79 level and rise back towards the $81.50 level amid tight global supplies. Further, rate cut by PBOC in its 1-year loan prime rates could also support the rise in oil prices. On the other hand expectation of higher rates for longer period by the Fed could limit its upside
* MCX Crude oil is likely to consolidate in between 6650-6880 with a bullish bias. Only a move above 6880 would rise towards 6950
* MCX Natural gas is expected to face the hurdle near 220 and weaken towards 210 amid forecast of cooler weather and sufficient supplies in US.
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