MCX Silver is expected to trade in downward trend towards the level of 100 DMA at 70,080 - ICICI Direct
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Bullion Outlook
• Gold prices are likely to trade with a negative bias amid firm US dollar and rise in US treasury yields across the curve. Yields are moving up as US debt ceiling impasse threatens a disastrous default and Fitch put the country on credit watch for possible downgrade. Meanwhile, minutes from the US Fed’s last meeting signalled a likely pause in rate hike campaign in June
• MCX Gold is likely to break the level of 59,700 to continue its downward trend towards the level of 59,500 as long as it sustains below the level of 50 DMA at 60,080
• MCX Silver is expected to trade in downward trend towards the level of 100 DMA at 70,080
Base Metal Outlook
• Copper prices are expected to trade with a negative bias for the day on a strong dollar and weak global market sentiments. Market sentiments were hurt amid rising anxieties about debt ceiling as lawmakers continued negotiations. Investors fears that failure to raise debt ceiling could cause catastrophic damage to economy
• MCX Copper prices are likely to trade in a downward trend towards the level of 692
• MCX Aluminium prices are expected to continue their downward trend towards the key support level of 204.50
Energy Outlook
• Crude oil prices are expected to trade with a positive bias on surprising massive fall in US crude oil inventories. Further, a warning from the Saudi energy minister that raised the prospect of further Opec+ production cuts may support prices. Meanwhile, sharp upside may be capped on strong dollar and on uncertainty that the US will avoid a debt default
• MCX Crude oil is likely to continue its upward trend towards the level of 6200
• MCX Natural gas is expected to trade in a downward trend towards the level of 207 amid expectations that the US natural gas storage may rise by 100 Bcf
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