Natural gas futures are expected to dip further towards 182- 183 level - ICICI Direct
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Bullion Outlook
• Gold is likely to hold its ground and move higher amid expectation of weak US advance GDP numbers. Further, prices may rally on weakness in dollar and risk aversion in the global markets. Market sentiments were hurt on worries surrounding US banking turmoil
• MCX Gold is likely to hold the key support at 59600 and rise towards 60300.The oscillator RSI is hovering above the 50 mark, which could provide some support
• MCX Silver is expected consolidate at 73300-75000. Fresh buying would emerge only above the key resistance at 75000
Base Metal Outlook
• Copper is expected to remain under pressure amid ongoing concerns over weakness in economic recovery in China and increasing fears of a recession in the US. Further, forecast of weak US advance GDP numbers and decline in US pending home sales could also weigh over the metal price
• MCX Copper could break the key support at 738 and move towards 733-730 as it moved below the 100 day EMA at 751. Further bearish cross over of 10 and 20 DEMA could also weaken the metal
• MCX Aluminium is hovering below the 50 day EMA at 209. Hence, as long as it trades under 209 it could slip further towards 205-204
Energy Outlook
• Oil prices are likely to remain under pressure amid growing concerns over a global economic slowdown and tightening financial conditions. MCX Crude oil has moved below the key 50 day EMA support. The bearish crossover of five and 10 day EMA, along with weakness in the RSI could weaken the trend and push the price towards 6100-6070. On the upside, 6400 would act as major resistance
• Natural gas futures are expected to dip further towards 182- 183 level amid expectation of build-up in inventories. On the upside 196 would act as key resistance. As long as it trader under 196 it would test 181-183 levels
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