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Metal’s Outlook

Bullion Outlook

• Spot gold is likely face the resistance near $1985 and weaken towards $1955 amid strong dollar and ease in safe-haven buying. Delay in Israel’s ground invasion in Gaza would diminish the safe haven appeal in the metal. Meanwhile, expectation of higher for longer interest rates in US could check the upside momentum in bullions. The CME Fed-watch tool indicates a 99% probability of no change in November. Meanwhile, investors will remain cautious ahead of speech from the Fed chair Powell

• MCX Gold prices is likely to dip towards 60000, as long as it trades below 60740. Only above 60740 it would again turn bullish.

• MCX Silver is expected to face the resistance near 72800 and move south towards 71000.

Base Metal Outlook

• Copper prices are expected hold to its gains after fresh stimulus measures from China. However, strong dollar and weaker manufacturing activity in Eurozone could limit its upside. Moreover, higher inventory levels in LME would also weigh on the metal prices.

• MCX Copper is likely to rise towards 714, as long as it holds above the 700 mark. A move above 714 would open the doors towards 720.

• MCX aluminium is expected to hold the support near 203 and move towards 206 mark.

Energy Outlook

• NYMEX Crude oil is expected find the floor near the $82 mark and rebound towards $87 level amid tighter US supplies. Further, uncertainty in the Middle east could also help the oil prices to recover some of its earlier losses. Meanwhile, stronger dollar and weaker economic numbers in the Eurozone would check its upside.

• MCX Crude oil November is likely to find support near 6800 and rebound towards 7100

• MCX Natural gas November is expected to hold the key support of 270 and move north towards 280 amid forecast of cooler temperature in some parts of US. 

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