MCX Gold prices are likely to break the level of 60,000 - ICICI Direct
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Bullion Outlook
* Spot gold is likely to hold support near $1950 levels and rise further till $1975 levels amid a weak dollar and sharp fall in US treasury yields. Further, data from the US showed that the labour market was slowing, bolstering expectations that US Fed may pause rate hikes in its meeting next week. As per CME FedWatch toll, the market is pricing a 75% chance of the Fed hitting the pause button in the upcoming meeting
* MCX Gold prices are likely to break the level of | 60,000 to continue its upward trend towards the level of | 60,400
* MCX Silver is expected to follow the gold movement and trade in an upward trend towards the level of | 75,000
Base Metal Outlook
* Copper prices are expected to trade with a positive bias amid a weak US dollar and on hopes of stimulus measures for the troubled property sector in the top metals consumer China. Further, investor sentiment was aided on China's decision to launch a nationwide campaign to promote automobile purchases and shore up demand
* MCX Copper is likely to break the level of | 728.5 to continue its upward trend towards the level of | 734
* MCX aluminium is expected to trade in an upward trend towards the level of | 207 amid a sharp drop in aluminium inventories at LME registered warehouses
Energy Outlook
* Crude oil prices are expected to trade with a negative bias for the day as demand concerns will outweigh prospects of tighter supply. Meanwhile, sharp downside may be cushioned as the US and Iran both denied a report that they were close to a nuclear deal. Additionally, the US Federal Reserve is likely to skip a rate hike at its next meeting
* MCX Crude oil is likely to continue its downward trend towards the level of | 5800
* MCX Natural gas is expected to continue its upward trend towards the level of | 197 as long as it stays above | 187 level
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