MCX Gold prices are likely to break the level of 20 DMA - ICICI Direct
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Bullion Outlook
* Gold prices are likely to trade with a positive bias amid a soft dollar and forecast for disappointing economic data from country. Additionally, hopes of the Fed hitting the pause button next week will continue to support prices. As per CME FedWatch tool Fed fund futures indicate traders have priced in more than 80% chance that Fed will hold rates in the range of 5-5.25%
* MCX Gold prices are likely to break the level of 20 DMA at | 60,150 to continue its upward trend towards the level of | 60,250
* MCX Silver is expected to break the level of 20 DMA at | 72,400 and rise towards the key resistance level of | 73,000
Base Metal Outlook
* Copper prices are expected to trade with a positive bias amid expectation of a correction in dollar and on hopes that China will provide stimulus to revive its embattled property sector and support economic growth. Additionally, market participants bets that China may further cut banks reserve ratio and interest rates to support economy
* MCX Copper is likely to hold the support near | 718 level and rise further till | 726
* MCX aluminium is expected to continue its downward trend towards the level of | 202
Energy Outlook
* Crude oil prices are expected to trade with a negative bias for the day as investors fear that higher borrowing cost will continue to hamper the economic growth and reduce oil demand. Moreover, the market is awaiting data from the US and China that could give fresh demand indications. Meanwhile, as per market sources citing API figures US crude oil inventories fell by about 1.7 million barrels last week
* MCX Crude oil is likely to break the level of 20 DMA at | 5920 to trade in a downward trend towards the level of | 5830
* MCX Natural gas is expected to drop towards the level of | 182 as long as it sustains below the level of | 188.6
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