MCX Gold prices is likely to move north towards Rs. 59,800 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to hold the support near $1960 and rise further till $1982 amid weakness in dollar and correction in US treasury yields across curve. Further, we see that federal Reserve is nearing the end of its interest rate hiking cycle. Even the Fed Chair Powell said central bank would remain data-dependent on future rate moves, leaving open the possibility of pause at September meeting. Focus now shifts to policy decisions from the ECB and BOJ due this week
• MCX Gold prices is likely to move north towards |59,800 level as long as it trades above the support level of Rs. 59,200 levels
• MCX Silver is expected to rise further till |76,000 level as long as it sustains above Rs. 74,500 leve
Base Metal Outlook
• Copper prices are expected to trade with with positive bias amid soft dollar and on hopefulness of stronger metal demand after promise from Beijing to support economic recovery. Meanwhile, investors will remain vigilant ahead of ECB and BOJ policy decision due this week and slew of vital economic data from US.
• MCX Copper may rise towards Rs. 743 levels as long as it trades above |735 levels
• MCX aluminium is expected to move north towards Rs. 200.0 level, as long as it trades above Rs. 198.00 level
Energy Outlook
• NYMEX Crude oil is expected to face hurdle near $80 and slip back towards $78 amid on fears that elevated borrowing cost for business and consumers could slow economic growth and reduce demand for oil. Additionally, data showed US crude oil inventories fell less than expected and gasoline and diesel stocks also drew less than projected
• MCX Crude oil is likely to face hurdle near |6550 level and slip towards Rs. 6400 levels
• MCX Natural gas is expected to move downwards towards Rs. 215 level as long as it stays below |228 level. Prices may slip ahead of consensus for weekly EIA natural gas inventories to climb +15 bcf
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