MCX Copper is expected to move south towards 790 level as long as it stays below 805 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
* Spot gold is likely to continue with its upward momentum amid speculative buying and rise in safe haven demand due to mounting geopolitical tension in Middle East after Iran threatened military action against Israel over alleged strikes on an embassy in Syria. Spot gold prices likely to rise further towards $2360 levels as long as its stays above $2300 level. On flip side, close below $2300 level it may correct towards its immediate support level of $2290 level, only a sustain close below $2290 level prices may move further south further towards 10-day EMA around $2267 level. Gold prices may not surpass $2360 levels as US yields and dollar are moving north after data showed US economy created more jobs than expected in March, signaling strength in labor market
* MCX Gold June prices is likely to rise further towards 71,500 level as long as it stays above 70,000 level. On flip side close below 70,000 level prices may slip back towards 69,300 level.
* MCX Silver May is expected to rise towards 82,000 level as long as it sustains above 80,000 level.
Base Metal Outlook
* Copper prices expected to scale back from its 14th month high amid strong dollar. Further, investors fear that improved economic data from US will give space for Fed to hold its rate steady at higher levels for some more time and even push back the number of rate cuts in 2024. Moreover, rise in stocks at LME registered warehouses will hurt prices.
* MCX Copper is expected to move south towards 790 level as long as it stays below 805 level. A break below 790 would open doors for 785 levels.
* Aluminum is expected to face hurdle near 225 levels and slip back towards 221 level
Energy Outlook
* NYMEX Crude oil is expected to find the support near $84.40 level (10- day EMA) and rise back towards $86 on concern over supply tightness and ongoing geopolitical tension in Middle East and Eastern Europe. Investors fear that rising tension between Iran and Israel would lead to supply disruption. Additionally, world's top oil exporter, Saudi Arabia, raised official selling prices for all crude grades to Asia in May. On the demand front, positive economic data from China and US also ramped up optimism. Meanwhile, sharp upside may be capped on strong dollar and as all eyes will be on fresh talks on a potential ceasefire between Hamas and Israel
* MCX Crude oil is likely to rise towards 7250 levels as long as it trades above 7000 levels (10-Day EMA). A sustain break above 7250 level would open doors for 7300 levels
* MCX Natural gas April is expected to rise further towards 20-Day EMA of 156 level as long as its holds the support near 145 level
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