MCX Silver is expected face the hurdle near 74200 and decline towards 72800 - ICICI Direct
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Metal’s Outlook
Bullion Outlook.
* Spot gold is likely to move in tight range of $1910-1926 ahead of the Fed chair’s speech at Jackson Hole symposium later in the evening. Meanwhile, firm dollar and higher treasury yields could limit the upside in the precious metals. Any clarity on the future interest rate trajectory by the Fed chair could bring more clarity in the price trend.
* MCX Gold futures is expected to face the hurdle near 59000 and move back towards 58400 amid strong dollar. Only a sustained move above 59000 would push the price towards 59200.
* MCX Silver is expected face the hurdle near 74200 and decline towards 72800 . Only a move above 74200 the trend would turn bullish and push the price towards 75000.
Base Metal Outlook
* Copper prices are expected to trade on a weaker note amid strong dollar and sluggish growth in the Chinese housing sector. The decline in new starts and buildings under construction have fallen nearly 50% YoY, which looks unlikely to reverse in the near term. Meanwhile, focus will be on todays Fed chair’s speech which would provide more clues on the next move from the Fed
* MCX Copper is likely face the resistance near 736 and weaken towards 726.
* MCX aluminium is likely to weaken towards 196.50, as long as it trades under the 200 level
Energy Outlook
* NYMEX Crude oil is expected to trade within the range of $77.40- 80.00 ahead of the key event later in the evening. The downside in price could be limited on reports of falling gasoline stocks in Europe last week. Further, speculation of extension in voluntary production cut by Saudi Arabia to October could provide support to the price. On the other hand strong dollar and weaker economic growth in China would limit the upside in oil prices. Moreover efforts to increase the oil supplies by US could cap the upside in price rally
* MCX Crude oil is likely to remain in the range of 6400-6640. Only a move above 6640 the trend would turn bullish.
* MCX Natural gas September future is expected to face the hurdle near 225 and weaken towards 214.
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