MCX Gold prices is likely to move further north towards 59,600 - ICICI Direct
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* Spot gold is likely to hold the support near $1930 and rise back towards $1945 level amid expectation of correction in dollar and US treasury yields across curve. Fresh batch of economic data from US fuelled the expectation that US Fed is done with its fastest interest rate hiking cycle since 1980’s. As per CME FedWatch tool investors now see a 93% chance of Fed holding its rate steady. Moreover, expectation of weak factory orders data from US will be supportive for the prices
* MCX Gold prices is likely to move further north towards 59,600 level as long as it trades above the support level of 59,200 levels
* MCX Silver is expected to rise further till 75,000 level as long as it sustains above 74,200 level
Base Metal Outlook
* Copper prices are expected to trade with negative bias on rising inventories at LME registered warehouses and on fears that slowdown in Chinese housing market will be headwind for industrial metals. Additionally, expectation of disappointing economic from US will weigh on copper prices. Meanwhile, further downside may be cushioned on soft dollar
* MCX Copper may slip further towards 730 levels as long as it trades below 740 levels
* MCX aluminium is expected to move south towards 200.20 level, as long as it trades below 201.80 level
Energy Outlook
* NYMEX Crude oil is expected to ease towards $84.30 as long as it trades below $86.20 level as support from Beijing measures to revive economy wiped out, offsetting expectations of an extension in supply cuts by Saudi Arabia and Russia. Recent measures from China to revive economy is priced in by markets. Meanwhile, cooling economic activity in US ramped up hopes that Fed may hit a pause button from next meeting
* MCX Crude oil is likely to face hurdle near 7150 level and slip towards 6950 levels
* MCX Natural gas is expected to move downwards towards 215 level as long as it stays below 225 level.
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