MCX Gold futures is expected to move towards the higher end of the consolidate range 58250-58750 - ICICI Direct
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Metal’s Outlook
Bullion Outlook.
* Gold is likely to remain in the range of $1890-1910 with a bullish bias amid retreat in US 10 year treasury yields. Meanwhile, the main focus is this week’s Jackson Hole meeting, which investor’s will be watching for more clues on the US Federal Reserve’s policy stance. Further, expectation of weaker economic numbers from US could provide some support to the yellow metal
* MCX Gold futures is expected to move towards the higher end of the consolidate range 58250-58750. Only a move above 58750 would push the price towards 59000. Similarly, below 58250 it would weaken it towards 58000.
* MCX Silver is expected to stick to its gains and rise towards 72500, as long as it holds above the 10 day EMA support at 71100.
Base Metal Outlook
• Copper prices are expected to hold its gains amid hopes of more support measures from the top metal consumer China. Further expectation of a demand pick-up in Autumn season could also support the red metal. The increase in refined copper demand during first half of the year by 9% according to the latest ICSG report could boost investor sentiments
• MCX Copper is likely to hold the support near 728 and extend the rally towards 738.
• MCX aluminium is likely to hold its ground near 197 and move back towards the immediate resistance at 200. A move above 200 would open the doors towards 202.50.
Energy Outlook
* NYMEX Crude oil is expected to slip towards the $79 mark on signs of improved supply from Iran. Further, there has been talks between Turkey and Iraq to discuss several issues including resumption of oil exports through Ceyhan oil terminal. Meanwhile, expectation of drawdown in weekly US crude oil inventories could restrict the downside in price
* MCX Crude oil is likely to weaken towards 6550, as long as it trades under 6750. Only a move below 6550 it would test 6450.
* MCX Natural gas is expected to remain under pressure and weaken towards 210 amid forecast of cooler weather US.
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