MCX Gold prices is likely to take support near 58,100 and rise towards 58,650 levels - ICICI Direct
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Metal’s Outlook
Bullion Outlook
• Spot gold is likely to hold the support near $1913 and rise back towards $1940 levels amid retreat in US dollar and treasury yields. Further, US business activity fell to 3-month low in June as services growth eased for the first time this year. However, likelihood of more interest rate hike by US Fed in this year to tame stubborn inflation may weigh on bullion prices.
• MCX Gold prices is likely to take support near |58,100 and rise towards 58,650 levels
• MCX Silver is expected to move north towards |69200 as long as it trades above 67800 leve
Base Metal Outlook
MCX Copper vs. Aluminium Performance
• Copper prices are expected to trade with a negative bias as disappointing economic data from major countries fuelled the concerns over global economic growth. Further, slowdown in China’s economic recovery could also weigh on the metal price. Meanwhile, further downside may be cushioned on soft dollar and dwindling stocks at LME registered warehouses
• MCX Copper is expected to face the hurdle near 724 and weaken towards 712. Only close below 712 it would slip further towards 705.
• MCX aluminium is expected to weaken towards 195, as long as it trades below 201.
Energy Outlook
MCX Crude Oil vs. Natural Gas Performance
• Crude oil prices are expected to find the floor near its lower band of consolidation range 5560-5950 amid tight supplies and weak dollar. However, gains in price could be restricted on risk off sentiments in global markets as major central banks raised their forecast for future interestrate path.
• MCX Crude oil is expected to hold the support of |5550 and rebound towards the immediate resistance of 10 day EMA at | 5820
• MCX Natural gas is expected to hold the support near |215 level and move back towards |233 amid forecast of above normal temperature in Texas.
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
