MCX Aluminium is expected to hold its ground above the 193 mark and move higher towards 198 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold is expected to extend its gains and move towards $2055 as long as it holds above the $2020 mark amid increasing bets of Fed rate cut in the coming year after the Fed signaled end to its rate hike regime. The shift in tone from the Fed would bring fresh buying interest in the bullions and support gold prices. The CME fed-watch tool indicates more than 70% probability of rate cut in March 2024. Meanwhile, focus will shift towards the central bank policies from ECB and BOE.
• MCX gold is expected to move towards 62,600, as long as it trades above 61600. Above 62600 it would rise further towards 63,200.
• MCX silver is likely to follow the yellow metal and rise towards 75,400, as long as it holds above 73,000. A move above 75,400 would push the price towards 76,500.
Base Metal Outlook
• Copper prices are likely to move higher amid weakness in the dollar. The dovish stance from the Fed would also support the metal prices to reverse its earlier losses. Further, improved risk appetite in the global markets would also help the metal to trade firm. Meanwhile, sluggish growth in the top metal consumer China would limit its upside.
• MCX Copper December is expected to rise towards 721, as long as it holds above the 50 day EMA at 712. A move above 721, would open the doors towards 728.
• MCX Aluminium is expected to hold its ground above the 193 mark and move higher towards 198.
Energy Outlook
• NYMEX Crude oil prices are expected to rise towards the $72 mark amid weakness in the dollar and worries about the security of Middle East oil supplies. Further, improved risk sentiments after the Fed’s decision to end the rate hike regime would also support the NYMEX crude to move beyond the $70 mark. Meanwhile, focus will shift towards the key central bank policy decisions from ECB and BOE.
• MCX Crude oil is likely to find support near 5750 and move towards 6000 level. Only close above 6000, would open the doors towards 6200.
• MCX Natural gas December future is expected find support near 188 and move towards the 200 mark amid improved export demand. However, robust production and higher inventory levels would limit the upside in price.
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