MCX Crude oil is likely to move up towards 7680 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to slip back towards $1910 levels as long as it sustains below $1932 levels amid firm dollar and surge in US treasury yields. Dollar is hovering near 6-month high as Fed signalled monetary policy will remain restrictive for longer. Additionally, investors will remain cautious ahead of manufacturing and services pmi data to gauge the economic health of the country • MCX Gold prices is likely to move south towards 58,500 level as long as it trades below the resistance level of 59,100 levels
• MCX Silver is expected to slip towards 72,400 level as long as it sustains below 73,400 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 are at their highest since May 2022 at 162,900 tons. Additionally, Manufacturing PMI data from major countries is likely to show that activity in sector continued to contract denting demand for industrial metal
* MCX Copper may slip further towards 710 levels as long as it trades below 725 levels
* MCX aluminium is expected to move downward towards 201.50 level as long as it stays below resistance level of 203.50 level
Energy Outlook
* NYMEX Crude oil is expected to rise further till $91 levels on growing concerns over tighter global supplies. Fuel export ban from Russia comes on heels of deeper than expected supply cuts from Russia and Saudi Arabia. However, sharp upside may be capped on strong dollar and pessimistic global market sentiments. Additionally, investors fear that higher borrowing cost for longer duration could dampen economic growth and overall fuel demand.
* MCX Crude oil is likely to move up towards 7680 level as long as its sustains above 7450 levels
* MCX Natural gas is expected to move downwards towards 210 level as long as it stays below 225 level
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