MCX Gold prices is likely to move south towards 58,650 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to face hurdle near $1965 level and slip back towards $1949 level (50-Day EMA) amid strength in US dollar and rise in US treasury yields across curve. Additionally, investors will brace for widely expected rate hike by Fed but more focus will be on statements from central bank to get the hint on future monetary policy stance
• MCX Gold prices is likely to move south towards |58,650 level as long as it trades below the resistance level of Rs.59,250 levels
• MCX Silver is expected to correct further till Rs.73,200 level as long as it sustains below Rs.74,300 level
Base Metal Outlook
• Copper prices are expected to trade with with positive bias as China pledged additional support to shore up country’s faltering economy. However, sharp upside may be capped as markets are focused on rate decisions by the Fed and ECB later this week, where both the central banks are expected to hike rates by 25bps. Furthermore, investors will focus on any clues for when a pause in the rate hiking cycle is likely to come
• MCX Copper may rise towards |736 levels as long as it trades below Rs.724 levels
• MCX aluminium is expected to move north towards Rs.199 level, as long as it trades above |197.0 level
Energy Outlook
• NYMEX Crude oil is expected to move further till $80 as long as it stays above $77.40 (200-Day EMA) on supply concerns due to cuts from OPEC and allies like Russia. Further, World’s second largest economy China pledged to step up policy to support economic growth. Additionally, later on day industry data on US crude oil inventory is expected. However, sharp upside may be capped as investors will remain vigilant ahead of Fed interest rate decision due on Wednesday followed by ECB on Thursday
• MCX Crude oil is likely to rise towards |6550 level as long as it trades above | 6312 level (200-Day EMA)
• MCX Natural gas is expected to move downwards towards |215 level as long as it stays below |225 level on forecast for cooler US temperatures next week
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