MCX Silver is expected weaken towards 72,300, as long as it trades under 74,200 level

08-03-2023 10:50 AM | Source: ICICI Direct

MCX Silver is expected weaken towards 72,300, as long as it trades under 74,200 level - ICICI Direct

News By Tags | #473 #3961

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Metal’s Outlook

Bullion Outlook

• Spot gold is expected to face the hurdle near $1955 and may weaken towards the $1930 mark amid strong dollar and rise in US treasury yields. Further, expectation of better economic numbers from US could also weigh on the bullions. Meanwhile, focus will turn towards this week’s key US Non-farm payroll numbers

• MCX Gold October futures is likely to face the hurdle near |59700 and move towards the 50 day EMA at 59,100 level. Only close below 59100, it would weaken towards 58800.

• MCX Silver is expected weaken towards 72,300, as long as it trades under 74,200 level. A move below |72300 would open the downside in price towards |71200

Base Metal Outlook

• Copper prices are expected to remain under pressure amid strong dollar and weak global risk sentiments. Further sluggish economic growth in China and increase in metal inventories in LME registered warehouses could also weigh on the red metal. The weakness in China’s car sales numbers has been a concern for the metal demand. The auto sales numbers in China declined by 5% YoY in July

• MCX Copper is likely to weaken towards 733 levels as long as it trades below 744 levels

• MCX aluminium is expected to slid towards 198 level, as long as it trades under 202.50 level

Energy Outlook

• NYMEX Crude oil is expected face the hurdle near $81 level and weaken towards the $78 mark amid upswing in the dollar and rising risk off sentiments following the ratings downgrade. Meanwhile, focus shifts towards OPEC’s joint monitoring ministerial committee meet, where the OPEC nations is expected to review its adherence to the current production management

• MCX Crude oil is likely to face the resistance near |6700 and weaken towards |6450.

• MCX Natural gas is expected to face the hurdle near 212 and move downwards to 200 level on forecast of higher inventories. Further cooler temperature in most region’s of US would also weigh on the prices.