Yearly Commodity Outlook 2022 By ICICI Direct
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Gold
Gold prices are expected to Monthly Bar Chart consolidate with positive bias while holding above the major support area of $1650 and gradually head higher to test its all-time high of $2075 in the coming year.
Brent Futures
* Brent prices after the strong up move in the last 19 months are witnessing profit booking in the last two months amid overbought placement of quarterly stochastic. Going ahead, we expect Brent prices to enter into a consolidation in the broad range of $55-95 in the coming year.
LME Copper
* LME Copper prices are on the cusp of breaking above decade long consolidation phase, which has been backed by faster pace of retracement of the entire decline, signifying a structural turnaround
* We expect it to continue its positive momentum and head higher towards $11800 in the coming year as it is the 161.8% external retracement of the last two quarter’s breather ($10729-8766) .
LME Aluminium
* The prices, after a stupendous rally from March 2020 to October 2021 ($1420-3180)) witnessed profit booking in the last two months from near the previous all-time high of CY09 (3292). Going ahead, post a sharp up move we expect a higher base formation around its all-time high in the coming quarters in the broader range of $2200-3300.
To Read Complete Report & Disclaimer Click Here
https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
