Aluminum May future is expected to move in the band of 232 and 237. Only above 237 it would rise towards 240 - ICICI Direct
![](https://portfolio.investmentguruindia.com/uploads/news/ICICI Direct IMAGE.jpg)
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
Bullion Outlook
• Spot gold is expected to hold the psychological support at $2300 and move higher towards $2345 amid softening US treasury yields and rise in safe haven bids as the Gaza ceasefire remain uncertain. Further, mixed set of economic numbers from US would also prevent the Fed to hold the rates higher for longer and force the Federal Reserve to reduce the rates in September. Meanwhile, investors will eye on further clues to get more clarity on the timing of the first rate cut.
• MCX Gold June is expected to hold the support near 70800 (20 Day EMA) and move higher towards 71600. A move above 71600 would open the doors towards 72200.
• MCX Silver July is expected to find support near 82000 and move towards the initial hurdle at 83600. It has to move beyond 83600 to resume its rally towards 84500.
Base Metal Outlook
• Copper prices are likely to trade with a positive bias amid expectation of recovery in global factory activity and potential supply tightness this year. Specially tightness of raw material supplies to the smelter is a challenge. Further, depleting LME inventory levels and strong demand growth from the renewable energy and power grid space would support the metal to trade higher. Moreover, growing bets of Fed rate cut in September would also provide support to the red metal.
• For the day MCX Copper May is likely to hold the support of 10 day EMA at 856 and move higher towards 870. Only a move below 856, it would correct towards the immediate support at 850.
• Aluminum May future is expected to move in the band of 232 and 237. Only above 237 it would rise towards 240. Similarly, a move below 232 would weaken it towards 229
Energy Outlook
• NYMEX Crude oil is expected to hold the support near $77 and move towards $80 amid renewed tension in the Middle East. Again, growing speculation that OPEC+ will look to extend its current production cuts beyond 2nd quarter would also provide some support to oil prices. Meanwhile, rise in API crude oil inventory data last week could check its upside. Now, focus will shift towards the EIA weekly inventory report due today which could bring more clarity on the demand ahead of the summer driving season in US.
• MCX Crude oil May future is expected to find the floor near 6480 and move towards the initial hurdle at 6700. Only, move below 6480 it would turn bearish and slide towards 6300.
• MCX Natural Gas May future is expected to hold the support at 177 and move higher towards 190. Lower US production and expectation of improved demand would support the prices to stay elevated.
https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631
![](https://portfolio.investmentguruindia.com/uploads/news/jul04v89_Wex0B3E.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/religare broking.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/HDFC Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Zomato07.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Piyush Goyal07.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/jul04v38_zDiylqc.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Prashant Thakur ANAROCK Group.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/jul03v152_BhgJWbe.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Shrikant Chouhan.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
Buy Gold Above 72500 SL Below 72300 TGT 72800/73100 - Axis Securities Ltd
![Evening Roundup : A Daily Report on Bullion Energy & Base Metals for 04 July 2024 - Geojit Financial Services Ltd](https://portfolio.investmentguruindia.com/uploads/news/Geojit Financial Services.jpg)
![Gold prices rose in Asian trade on Wednesday, seeing some relief as the dollar retreated on some positive comments from Federal Reserve Chair Jerome Powell - HDFC Securities](https://portfolio.investmentguruindia.com/uploads/news/HDFC Securities.jpg)
![Buy Turmeric Aug @ 15900 SL 15600 TGT 16300-16600. NCDEX - Kedia Advisory](https://portfolio.investmentguruindia.com/uploads/news/Kedia Spices Outlook.jpg)