MCX Gold futures is expected to remain in between 58200-58600 - ICICI Direct
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Metal’s Outlook
Bullion Outlook.
* Spot gold is likely to face the hurdle near the $1903 and weaken towards $1885 amid rise in US treasury yields. Yields are rising on expectations that US Fed will keep interest rates higher for longer duration amid resilient Us economy. Meanwhile, focus shifts towards Fed chair’s speech in this week’s Jackson Hole meeting.
* MCX Gold futures is expected to remain in between 58200-58600. Only a move outside of the range would bring more clarity in its direction. Above 58600 it would rise towards 59000. Similarly, below 58200 it would weaken it towards 58000.
* MCX Silver has breached the initial hurdle at 71000. Now it is expected to rise towards 72200, as long as it holds above 71000 level.
Base Metal Outlook
* Copper prices are expected to extend its rebound amid hopes of more stimulus from the top metal consumer China. Further expectation of a demand pick-up in Autumn season could also support the red metal. Meanwhile rising inventory levels in LME could restrict more upside in the metal
* MCX Copper is likely to hold the support near 724 and push the price towards 731. Above 731 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 198-199 zone.
Energy Outlook
* NYMEX Crude oil is expected to move in a tight range of $79-81.50 amid mixed set of factors. The prospects of tighter markets this year after steep cuts from OPEC+ nations could limit the downside. Whereas, weaker economic sentiments from China and rising expectation of higher interest rates for longer period by the Fed could restrict the upside in oil prices.
* MCX Crude oil is likely to consolidate in between 6650-6850. Only a move above 6850 would rise towards 6950
* MCX Natural gas is expected to face the hurdle near 222 and weaken towards 212 amid forecast of cooler weather and higher inventories in US.
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