MCX Crude oil is likely to hold the support near 6150 level and rally further till 6300 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to rise further till $1975 as long as it trades above $1945 (50-Day EMA). Gold prices may rally further amid weaker dollar and sharp decline in US treasury yields. Dollar is weakening as slowdown in hiring and ebbing price pressure may provide room for Fed to breathe, go for only 1 more rate hike this year and end the interest rate hike cycle sooner than expected. Meanwhile, traders will keep an eye on slew of economic data from US to gauge economic health of the country
• MCX Gold prices is likely to rise towards |59,450 level, as long as it trades above the support level of | 58,800 levels
• MCX Silver is expected to move north towards |74,300 level as long as it sustains above |72700 level
Base Metal Outlook
• Copper prices are expected to trade with positive bias amid tumbling dollar and continuous decline in copper inventories at LME registered warehouses. However, further upside may be capped as investors will keep an eye on China trade data and its housing market data
• MCX Copper may rise further till |731 levels as long as it trades above | 723 levels.
• MCX aluminium is expected to rise towards |201 level, as long as it trades above |198.0 level
Energy Outlook
• NYMEX Crude oil is expected to hold the support near $75 and rise further towards $77.0 level amid weakness in dollar and on fears that oil market may remain tight in second half of 2023. Additionally, ebbing price pressure in US has the raised the hopes that US federal Reserve is nearing the end of its interest rate hiking cycle. Meanwhile, bigger than expected US crude stock build may limit sharp upside in prices
• MCX Crude oil is likely to hold the support near |6150 level and rally further till | 6300 level
• MCX Natural gas is expected to slip further till |209 level as long as it stays below |222 level. Prices may dip further as weather forecast called for cooler late July temperatures in much of Central and Eastern US
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