MCX Gold prices is likely to rise towards 59,100 level, as long as it trades above the support level of 58,500 levels - ICICI Direct
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Metal’s Outlook
Bullion Outlook
MCX Gold vs. Silver
• Spot gold is likely to hold the support near $1910 and rally further till $1945 amid weak dollar and on expectation of correction in US treasury yields. Yields may retreat further as weaker than expected increase in US nonfarm payrolls has casted doubt on the trajectory of interest rate hikes.
• MCX Gold prices is likely to rise towards |59,100 level, as long as it trades above the support level of | 58,500 levels (10-Day EMA)
• MCX Silver is expected to move north towards |72000 level as long as it sustains above | 70700 level 4 MCX Copper vs. Aluminium MCX Gold vs. Silver Bullion Outlook Base Metal Outl
Base Metal Outlook
MCX Copper vs. Aluminium
• Copper prices are expected to trade with positive bias amid weakness in dollar and persistent decline in copper inventories at LME registered warehouses. Additionally, expectation of ease in China inflation figures and deflationary impulse in producer prices may signal more stimulus may be required to boost economic recovery
• MCX Copper may rise further till |726 levels as long as it trades above | 716 levels.
• MCX aluminium is expected to move north towards |196.70, as long as it trades above |194.60 level.
Energy Outlook
MCX Crude Oil vs. Natural Gas
• Crude oil prices are expected to trade with positive bias amid weak dollar and ongoing fears over supply tightness in the near term. However, sharp upside may be capped on fears that further interest rates hikes by major central banks would slow global economic growth and reduced demand for oil
• MCX Crude oil is likely to move north towards |6150 level as long as it holds the support near | 5950 level
• MCX Natural gas is expected to slip further till |205 level as long as it stays below |218 level. Natural gas prices are expected to edged lower amid larger than expected build in weekly EIA gas stockpiles and normal to below normal temperature forecast for north central and eastern US
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631
Above views are of the author and not of the website kindly read disclaimer
