MCX gold prices are expected to trade with a negative bias for the day amid strong US dolla - ICICI Direct
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Daily Commodity Outlook
Bullion Outlook
Gold prices pared some gains on Tuesday as US bond yields rebounded after strong US jobs data, which led to worries that the Federal Reserve would stick to its aggressive stance on interest rates for some time
Data showed US job openings unexpectedly rose in September, suggesting that demand for labour remains strong despite the Fed’s rapid interest rate hikes
MCX gold prices are expected to trade with a negative bias for the day amid strong US dollar. It is likely to break the key support level of | 50,130 to continue trading in a downward trend toward the level of | 49,880 in the coming trading sessions
Base Metal Outlook
On Tuesday we saw a short recovery in base metals amid weak dollar. Furthermore, the market is also adopting a wait-and-see approach ahead of the Federal Open Market Committee due later this week and other central banks’ events, which could shed light on their future policies
However, weaker manufacturing data in China and the US raised concerns over demand for industrial metals
We expect MCX copper prices to trade with a negative bias for the day amid renewed lockdowns in top metal consumer China on account of rising Covid-19 infection
Energy Outlook
MCX crude oil prices edged higher by almost 3.16% on optimism that the world's second-largest oil consumer China, could reopen after strict Covid curbs
Additionally, industry data showed a decline in US crude stockpiles. API reported crude stocks fell by 6.5 million barrels for the week ending October 28 and gasoline inventories fell by 2.6 million barrels
We expect MCX crude oil prices to trade with a positive bias for the day as prices are trading above the support level of 7260. As long as prices trade above this, crude oil can test the resistance level of 7510
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