MCX Silver prices are expected to take cues from gold prices and trade towards the level of 73,000

05-02-2023 10:51 AM | Source: ICICI Direct

MCX Silver prices are expected to take cues from gold prices and trade towards the level of 73,000 - ICICI Direct

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Bullion Outlook

• Gold prices are likely to trade with a negative bias for the day amid an uptick in the US dollar and rise in US treasury yields. Meanwhile, investors will closely watch Jolts job openings data from the US, which is expected to drop from 9.931 mn to 9.775 mn

• MCX Gold prices are likely to break the key support level of 59,600 to continue its downward trend towards the level of 59,400.

• MCX Silver prices are expected to take cues from gold prices and trade towards the level of 73,000

Base Metal Outlook

• Copper prices are expected to trade with a negative bias amid weak global market sentiments and strong dollar. Fears of recession in western countries and banking sector stress will weigh on market sentiments. Further, disappointing economic data from China will hurt prices. China's manufacturing activity unexpectedly shrank in April

• MCX Copper is likely to face a hurdle of 756 level and slip back towards 743 levels

• MCX Aluminium may find its support at 209.50 and continue to trade in upward trend towards the level of 212

Energy Outlook

• Crude oil prices are expected to trade with a negative bias for the day amid strong US dollar index and rising concerns over global economic slowdown, which may dent global fuel demand

• MCX Crude oil is likely to break the key support level of 6,100 to continue its downward trend towards the level of 6,050

• MCX Natural gas futures are expected to follow the downward trend towards the level of 186 as long as it sustains below the key resistance level of 192.50