MCX Copper March is expected to move in the band of 723 and 733 -Icici Direct
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Bullion Outlook
* Spot gold is expected to hold the support of $2110 and march towards $2140, amid softness in the dollar and decline in US treasury yields. The US dollar index is expected to remain under pressure amid expectation of moderation in US job growth. Meanwhile, focus will be shifted towards the Fed chairs testimony which could give more clarity on the timing of the first interest rate cut. Further, increasing safe haven appeal for the metal would provide enough support to the bullions to hold firm.
* MCX Gold April price is expected to hold the support near 64500 and extend its rally towards 65200. Above 65200, it would test 65500.
* MCX Silver May is likely to find support near 72800 and rebound towards 74200. Only close below 72800 it would test 72,200.
MCX Gold vs. Silver
Base Metal Outlook
* Copper prices are expected to move towards south amid lack of any significant stimulus measure from China. Further, lack of details on any new policy measure would also weigh on the sentiments. Additionally, contraction in manufacturing activity in the region would check its upside. Meanwhile, depleting inventory level in LME and softness in the dollar could provide some support to the base metals.
* MCX Copper March is expected to move in the band of 723 and 733. Only close below 723, it would move towards 719.
* Aluminum March future is expected to hold the support near 200 and extend its rebound towards 203. Above 203 it would rise towards 205.
MCX Copper vs. Aluminium
Energy Outlook
* NYMEX Crude oil is expected to find support near $77 and move higher towards $79.50 amid tight supplies and escalating geopolitical tension in the Mideast. Further, softness in the dollar amid increasing bets of rate cut in June would also support the oil price. Meanwhile, rise in API crude oil inventory levels and skepticism around China achieving its economic growth forecast would limit its upside. Focus will remain on weekly EIA inventory data which may give further clarity on its direction.
* MCX Crude oil March is expected to find support near 6400 and rise towards 6650. Only close below 6400 it would turn weaker.
* MCX Natural gas March futures is expected to move in the band of 155 to 165. Only a sustained move above 165 it would open the doors towards 172.
MCX Crude Oil vs. Natural Gas
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