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Metal’s Outlook

Bullion Outlook

Spot gold is likely to slip towards $1880 levels as long as it sustains below $1910 (200-Day EMA) levels amid firm Dollar. Further, major central banks reiterated their commitment to fight inflation, signalling tight monetary policy may persist longer than anticipated. On top of it Fed officials signalled that interest rates would remain higher for longer. Meanwhile, expectation of disappointing economic data from US and retreat in US treasury yields may limit further downside in prices

MCX Gold prices is likely to move south towards 58,250 level as long as it trades below the resistance level of 58,750 levels

MCX Silver is expected to follow gold prices and move lower towards 71,200 level as long as it sustains below 72,350 level

Base Metal Outlook

Copper prices are expected to trade with negative bias amid strong dollar, risk aversion in the global markets and rising inventories at LME registered warehouses. Copper stocks reached 166,850 tons, highest since May 2022. Market sentiments are hurt on fears that higher-for-longer interest rates across key economies will crumble global economic growth. Additionally, expectation of disappointing economic data from US will hurt prices.

MCX Copper may slip further towards 706 levels as long as it trades below 717 levels

MCX aluminium is expected to move upward towards 207 level as long as it stays above 204.50 level

Energy Outlook

NYMEX Crude oil is expected to rise further till $92 levels on concerns over tighter global supplies stemming from supply cuts by OPEC and allies. Further, EIA is likely to report a crude stockpile drop by 0.7M barrels in previous week. Meanwhile, strong dollar and weak global market sentiments may limit upside in prices. Additionally, investors are worried over threat of US government shutdown and its impending impact on credit rating

MCX Crude oil is likely to move upward towards 7700 level as long as its sustains above 7450 levels

MCX Natural gas October is expected to move downwards towards 227 level as long as it stays below 242 level

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