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MCX Silver prices are expected to follow gold prices and trade in an upward trend towards the level of 78,000 - ICICI Direct
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Bullion Outlook
• Gold prices are likely to trade with a positive bias for the day as market participants will remain cautious ahead of US inflation data that could influence Federal Reserve’s policy path. Additionally, demand for safe haven may increase on ongoing concern over US debt ceiling. Treasury Secretary Janet Yellen said that a failure by Congress to raise the federal debt limit would cause a huge hit to the US economy
• MCX Gold prices are likely to break the level of 61,150 to continue its upward trend towards the key resistance level of 61,280
• MCX Silver prices are expected to follow gold prices and trade in an upward trend towards the level of 78,000
Base Metal Outlook
• Copper prices are expected to trade with a positive bias amid low stocks in world’s top consumer and potentially better demand post the Labour Day holiday. Further, copper prices may be supported on maintenance of smelters in May. Meanwhile, market participants are awaiting trade data from China for more cues on demand
• MCX Copper is likely to surpass the hurdle of 756 to continue its upward trend towards the level of 20 DMA at 759
• MCX Aluminium prices broke the key resistance level of 9 DMA at 208.50 and they are likely to move towards the level of 20 DMA at 210
Energy Outlook
• Crude oil prices are expected to trade with a positive bias for the day as loans survey revealed that credit conditions in the US were less gloomy than expected. Additionally, market awaits inflation data from US to get cues on the outlook for US interest rates. Data is expected to show inflation eased further, although slightly
• MCX Crude oil prices broke the key resistance level of 9 DMA at 5990 and it is likely to continue its upward trend towards the level of 6150
• MCX Natural gas prices are expected to continue their upward trend towards the level of 190 amid declining production
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