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Metal’s Outlook

Bullion Outlook:

* Spot gold is likely to face a hurdle near $1970 and weaken towards $1940 amid a recovery in the dollar. Further, expectation of improvement in US housing data could support the hawkish stance of Fed policymakers. As per CME Fed watch tool, the market is pricing in an about 72% chance of a Fed rate hike in July

* MCX Gold prices are likely to face a hurdle of 20 day EMA at | 59,600 and weaken towards | 58,800 levels

* MCX Silver is expected to follow gold and move towards | 71,800 as long as it trades below | 73200 level

MCX Gold vs. Silver Performance

Base Metal Outlook 

* Copper prices are expected to find support on hopes of more stimulus from China to boost economic growth. However, slower growth in Chinese demand outlook could restrict the metal to go beyond its last week’s highs at 738.70.

* MCX Copper faced stiff resistance of the higher Bollinger band near 737 and dipped below the 200 day EMA at 732. Now it is expected to weaken further towards the immediate support at 725.

* MCX aluminium is expected to consolidate between 202 and 206

MCX Copper vs. Aluminium Performance

Energy Outlook: 

* Crude oil prices are likely to weaken on rising uncertainty over Chinese economic growth. Additionally, increasing supplies from Iran, which hit the highest level in 5 year would also hurt the oil price.

* MCX Crude oil is likely to face the hurdle near of | 5920 and weaken towards | 5750. Below | 5750 it would slid towards | 5700.

*MCX Natural gas is expected to find support near | 211 and rise back towards | 222. A move above |222 would bring fresh buying interest in gas prices and push it towards |230.

MCX Crude Oil vs. Natural Gas Performance

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