MCX Silver is expected to move north towards 70000 as long as it trades above 68400 level

01-01-1970 12:00 AM | Source: ICICI Direct

MCX Silver is expected to move north towards 70000 as long as it trades above 68400 level - ICICI Direct

News By Tags | #473 #3961

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Metal’s Outlook

Bullion Outlook

• Spot gold is likely to hold the support near $1910 and rise back towards $1940 levels amid forecast of weaker set of economic numbers from US. Further retreat in US dollar and treasury yields could provide some support to the precious metals. However, expectation of two more rate hikes in this year by US Fed to tame stubborn inflation may check the gains in bullion prices.

• MCX Gold prices is likely to take support near |58,000 and rise towards | 58,650 levels

• MCX Silver is expected to move north towards |70000 as long as it trades above | 68400 level

Base Metal Outlook

MCX Copper vs. Aluminium Performance

• Copper prices are expected to weaken further on expectation of disappointing housing data from US. Further, lack lustrous economic recovery in China and disappointing economic data from major countries across globe weighed on the metal price. However, sharp downside may be cushioned on soft dollar and declining stocks at LME registered warehouses

• MCX Copper is expected to face the hurdle near |721 and weaken towards |712. Only close below |712 it would slip further towards | 705.

• MCX aluminium is expected to weaken towards |193, as long as it trades below |200. A move below |193 would slip to |191

Energy Outlook

MCX Crude Oil vs. Natural Gas Performance

• Crude oil prices are expected to move higher amid geopolitical tension in Russia and weak dollar. Investors fear over tight supplies as Saudi Arabia has voluntary pledge to cut output from July, number of oil rigs operated by US energy companies are on decline and worsening of Russian political instability could disrupt supplies

• MCX Crude oil is expected to hold the support of |5640 and rebound towards the immediate resistance of 10 day EMA at | 5820

• MCX Natural gas is expected to hold the support near |230 level and move back towards |248 amid forecast of above normal temperature in Texas for the next 10 days