IGI Logo

Bullion Outlook

* Gold prices are likely to trade with a positive bias amid weakness in the dollar and retreat in US treasury yields. Further, prices may rally as CB Consumer Confidence index is likely to shrink further in May to 99.1. Now focus will turn to passage of the deal through Congress before June 5 as a handful of hard-right Republican lawmakers said they would oppose a deal

* MCX Gold is likely to take support near 59300 levels and retrace back till 59700 levels

8 MCX Silver is expected to trade in a upward trend towards the level of 72,200

Base Metal Outlook

* Copper prices are expected to trade with a positive bias amid rise in risk appetite in global markets and soft dollar. Market sentiments improved amid temporary suspension of US debt ceiling possibly averting default in the world’s largest economy. Meanwhile, rising copper inventories at LME registered warehouses may weigh on prices

* MCX Copper prices broke the level of 9 DMA at 713.20 to trade in an upward trend. It is expected to follow the trend towards the level of 720

• MCX aluminium is expected to trade in upward trend towards the level of 208.60

Energy Outlook

* Crude oil prices are expected to trade with a positive bias amid weak dollar and optimistic global market sentiments following temporary suspension of US debt ceiling. However, sharp upside may be capped on fears that US Fed may keep interest rates elevated for longer period hampering economic growth and Opec+ will leave output quotas unchanged

* MCX Crude oil is likely to rise further till 6130 levels as long as it sustains above 5990 level, which is also a 10-day EMA

* MCX Natural gas is expected to trade in a downward trend towards the level of 190 as long as it sustains below 201 level

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631

Above views are of the author and not of the website kindly read disclaimer