MCX gold prices rose to a two-week high on Wednesday - ICICI Direct
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Daily Commodity Outlook
Bullion Outlook
* MCX gold prices rose to a two-week high on Wednesday amid a sharp drop in the US dollar and US 10 years bond yields
* Further, bullion prices were supported on expectations that the Federal Reserve would temper its aggressive rate hike stance from December
* MCX gold prices are expected to trade with a positive bias for the day amid weakness in the US dollar index. It is likely to break the key resistance level of | 50,900 and trade in an upward trend towards the level of | 51,200 in the coming trading session
* Additionally, silver prices are likely to take cues from gold prices to trade in an upward trend towards | 59,200 level
Base Metal Outlook
* MCX copper and aluminium prices edged higher yesterday buoyed by a weaker dollar amid hopes the pace of US interest rate hikes would slow down
* Further, stronger than expected new home sales data from the US supported copper
* On the supply side, the overhang of uncertainties continued on the market with the LME in discussions on blocking Russian metal from its trading system, supporting copper prices
* We expect MCX copper prices to trade with a negative bias for the day on slowing global economic growth, which may dent demand for base metals
Energy Outlook
* MCX crude oil prices surged about 2.60% on Wednesday amid record high US crude oil exports and as the nation's refiners operated at higher-than-usual levels for this time of year
* However, further upside was restricted by rise in US commercial crude oil inventories from 437.3 mb to 439.9 mb
* We expect MCX crude oil prices to trade with a positive bias for the day amid concerns over Opec production cuts effective November and new EU sanctions on Russian oil to be enforced from December, which may support crude oil prices
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