MCX Silver is expected to march towards 76200

04-12-2023 09:11 AM | Source: ICICI Direct

MCX Silver is expected to march towards 76200 - ICICI Direct

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Bullion Outlook

* Gold prices are expected to trade on a firmer note ahead of US inflation numbers as it will yield signs on future rate hikes. The US CPI YoY is expected to slide towards 5.1% against previous reading of 6%. Later on, the focus will shift towards key US FOMC meeting minutes

* MCX Gold is hovering above the bullish crossover of five and 10 day EMA, which could support the precious metal to rise further towards 61100. Only a close below 59900 would bring a correction in the trend

* MCX Silver is expected to march towards 76200 as long as it sustains above the key support at 74200

Base Metal Outlook

* Copper is likely to trade on a firmer note as falling global inventories and weakness in dollar would support the metal to rise gain towards 785 level. Further, prices may rally on optimism over recovering demand in China

* MCX Copper has been hovering above bullish crossover of 20, 50 day EMA at 771, 766 respectively. This, along with bullish RSI, would also support the metal to move above 780 mark

* MCX Aluminium is likely to trade on a weaker note and slide towards 202 level as it breached the 20 day EMA at 208

Energy Outlook

* Crude oil prices are likely to trade on a bullish note as EIA raised its price forecast for US and global benchmark oil prices. Further, expectation of decline in weekly inventory levels could also support prices to rise towards its recent highs of 6720. Above 6720 it would rally towards 6800-6900. On the downside 6500 holds as major support

*Natural gas futures are likely to trade on a weaker note amid expectation of build-up of inventories as production is expected to rise in 2023. MCX Natural Gas April future is expected to move between 174 and 185