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04-06-2023 12:35 PM | Source: ICICI Direct
MCX Gold is likely to rise towards 61350 - ICICI Direct
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Bullion Outlook

• Gold prices are expected to trade in a bullish bias as fears of a slowdown in the economy would force the Fed to dial back its rate hike policy. The probability of a pause in rate hike has jumped above 60% after a weaker set of economic data from the US

• MCX Gold is likely to rise towards 61350 as long as price holds above 60200. The formation of continuance pattern would support the yellow metal to rise towards 61350

• MCX Silver is expected to hold the support near 73500 and move towards the higher end of the range towards 75200-75500

 

Base Metal Outlook

• Base metals are likely to trade on a weaker note as contraction in manufacturing activity in major economies would diminish the demand outlook of the metals

• MCX Copper futures have been trading under the 20 day EMA support at 770. The 20 day EMA at 770 would act as key resistance for the price and weaken it towards 760-758 levels

• MCX Aluminium is likely to slip towards the 204 zone as long as it trades under the 20 day EMA at 208

 

Energy Outlook

• Crude oil prices may consolidate in the broad range of 6500- 6700. It has to move above 6700 in MCX to bring fresh buying interest and push it towards 6900-7000 level. On the downside, a move below 6500 would weaken the price towards 6300

• Oil prices may find selling pressure near the higher end of the range of 6500-6700 amid weaker risk sentiments. Further, weak US job data signalled cooling economic conditions

• Natural gas futures are likely to trade between the range of 172 and 182. It has to move above 182 to bring fresh buying interest and rise towards 188

 

 

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