320-x-100_uti_gold.jpg" alt="Advertisement">
MCX Silver December is expected to move in the range of 74500-76000 - 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
* Spot gold is likely to find support near the $1930 level and move towards the $1950 amid expectation softness in dollar. Last week’s mixed US job data has raised the bets that the Fed will remain less hawkish than anticipated. The CME Fed-Watch tool suggests more than 91% probability of no hike in rates in September and the probability of hike in Novembers dropped to 34.5% from 37%. Meanwhile, traders will focus on ECB president’s speech to get more clues on the interest rate path
* MCX Gold futures is expected to consolidate in the range of 59200-59600. Only a move outside of the range would bring more clarity in the price trend
* MCX Silver December is expected to move in the range of 74500-76000.
Base Metal Outlook
* Copper prices are expected to hold support near 736 and move back towards 745 on expectation of pick-up in demand from China. The peak demand season in the regions could support the metal prices to edge higher. Further, expectation of fresh measures from China to boost the housing sector would support the bull case. Meanwhile, increasing inventory level in LME could restrict its upside.
* MCX Copper is likely to rise towards 746 as long as it trades above 736. Only a move below 736 would weaken towards 731
* MCX aluminium is likely to hold the support near 201 and move towards major hurdle near 204.50. Above 204.50 it will open the doors towards 207 level.
Energy Outlook
* NYMEX Crude oil is likely to hold its gains and rise towards $86.60 mark amid tighter than anticipated crude supplies. Further, rise in risk appetite in global equities amid hopes of no rate hike by the Fed in the near term could push the price higher. Moreover, expectation of further measures from China to support the economy could raise the demand prospects of oil
* MCX Crude oil is likely to hold the support near 6950 and rise towards 7200. Only close above 7200, it would extend its gains towards 7300
• MCX Natural gas prices are is expected to face the hurdle near 235 and weaken towards 222 amid higher inventory levels in US and forecast of normal temperature in some parts of 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
