MCX Silver prices are expected to take cues from the gold movement and trade in upward trend towards the level of 77,000 - ICICI Direct
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Bullion Outlook
• Gold prices are likely to trade with a positive bias for the day amid weakness in the dollar and decline in US treasury yields. US government bond yields are declining as the US Fed signalled it could hold off on further hikes. Further, demand for safe haven may increase on concerns regarding US regional banks and debt ceiling
• MCX Gold prices are likely to break the key resistance level of 61,250 to continue its upward trend towards the level of 61,500
• MCX Silver prices are expected to take cues from the gold movement and trade in upward trend towards the level of 77,000
Base Metal Outlook
• Copper prices are expected to trade with a negative bias amid weak physical demand in China and the threat of a global recession. Further, prices may be pressurised on continuous rise in copper inventories at LME registered warehouses. Additionally, Fed Chair Powell warned that economic growth was cooling and credit conditions were likely to tighten further amid growing pressure on US banks
• MCX Copper is likely to face the hurdle near 743 and move towards yesterdays lows at 733. A move below 733 would weaken it towards the level of 729.
• MCX Aluminium may face hurdle near 210 and continue to trade in a downward trend towards the level of 205
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