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Metal’s Outlook

Bullion Outlook

• Spot gold is likely to hold the support near $1930 level and rise back towards $1945 amid expectation of correction in dollar as market is pricing in almost no chance of rate hikes in upcoming meeting and strong central bank gold purchases. Further, Credit rating agency Moody’s lowered US rating outlook from stable to negative, citing increasing fiscal deficits and political standoffs in Washington. Additionally, demand for safe haven may increase on escalating tension in Middle East.

• MCX Gold prices is likely to move north towards 60,050 level as long as it trades above the support level of 59,550 levels

• MCX Silver is expected to rise back towards 70,700 level as long as it sustains above 69,700 level

Base Metal Outlook

• Copper prices are expected to trade with negative bias amid strong dollar, concerns about demand in China and fragile global market sentiments. Further, prices may slip on fears that higher interest rates for prolonged time would hurt global economic growth and dent demand for industrial metal. Additionally, investors will focus on the release of China's October aggregate financing data, including total social financing.

• MCX Copper is likely to dive towards 690 level, as long as it stays below 703 level. A move below 690 would open the doors towards 685 levels.

• MCX aluminium is expected to slip further towards 203.50 level as long as it stays below 205.50 level

Energy Outlook

• NYMEX Crude oil is expected to rise further towards $78.00 as long as it trades above $75.50 on fears over supply disruption due to rising conflict in Middle east. Further, Iraq voiced support for OPEC+'s oil cuts ahead of a meeting scheduled on 26th of this month. Additionally, market participants speculate that Saudi Arabia may extend its voluntary output cut into first quarter of 2024. Meanwhile, sharp upside may be capped amid concerns over waning demand in the US and China

• MCX Crude oil is likely to rise further towards 6550 levels as long as it trades above 6350 levels.

• MCX Natural gas is expected to rise towards 268 level as long as it trades above 255 level

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