MCX Gold prices is likely to move south towards 59300 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to face hurdle near $1985 level and slip back towards $1960 level amid rise in US dollar and treasury yields across curve. Although, sharp downside may be cushioned on hopes that US central bank may put a break on rate hiking cycle after a widely expected 25bps increase at its July policy meet.
• MCX Gold prices is likely to move south towards |59300 level as long as it trades below the resistance level of | 59,850 levels
• MCX Silver is expected to correct further till |74,300 level as long as it sustains below |76000 level
Base Metal Outlook
• Copper prices are expected to trade with positive bias on hopes that China may announce stimulus to boost its economic growth. China Ministry of Industry and Information technology said it was formulating plans to stabilize growth in 10 sectors, including Auto and steel. Additionally, on supply front risks for Peru’s mining corridor from community protest and Indonesia’s plan to raise export taxes may continue to support red metal
• MCX Copper may rise back to till |740 levels as long as it trades above |723 levels
• MCX aluminium is expected to move north towards |197.50 level, as long as it trades above |195.0 level
Energy Outlook
• NYMEX Crude oil is expected to move back to $77.0 level on concerns over tighter supplies as world’s largest oil exporters reduced supply. Further, prices may rally on hopes for higher demand in developing nations in the second of the year. Further, crude will find support in hopes that China will implement policies that would revive economic growth and energy demand. However, market will keep an eye on US Oil rig count data, an indicator of future supply
• MCX Crude oil is likely to rise back towards |6320 level as long as it trades above | 6150 level
• MCX Natural gas is expected to move upwards towards |236 level as long as it stays above |215 level amid smaller that expected storage build and forecast for hotter than normal weather
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