MCX Crude oil is likely to rise further towards 6600 levels as long as it trades above 6350 levels - ICICI Direct
Metal’s Outlook
Bullion Outlook
• Spot gold is likely to rise further towards $1985 level as long as it sustains above $1950 levels amid weakness in dollar and decline in US treasury yields across curve. Yields took a nosedive after recent data from US signaled that economy is feeling the heat of the aggressive rate hikes, suggesting Fed may be done with its monetary tightening. Moreover, prices may rally on expectation of disappointing economic data from US. Additionally, demand for safe haven may increase on escalating tension in Middle East.
• MCX Gold prices is likely to move north towards 60,500 level as long as it trades above the support level of 59,750 levels
• MCX Silver is expected to rise back towards 72,500 level as long as it sustains above 70,700 level.
Base Metal Outlook
• Copper prices are expected to trade with positive bias as dollar is losing its steam after weaker than expected economic data from US reinforced bets that US Fed is done with its hiking interest rates. Further, prices may shoot up on optimism over demand outlook from China and lower copper stockpiles. Moreover, China is likely to widened its budget deficit by at least 1 trillion yuan in manufacturing and infrastructure development
• MCX Copper is likely to rise towards 715 level, as long as it stays above 705 level. A move above 715 would open the doors towards 718 levels.
• MCX aluminium is expected to move up towards 207.0 level as long as it stays above 204.50 level
Energy Outlook
• NYMEX Crude oil is expected to rise further towards $79.50 as long as it trades above $77.0 on weak dollar and on fears over supply disruption due to rising conflict in Middle east. Further, IEA raised its demand growth forecast for this year and next, while A day earlier OPEC also boosted its forecast for 2023 global oil demand growth and stuck to its relatively high projection for 2024.
• MCX Crude oil is likely to rise further towards 6600 levels as long as it trades above 6350 levels.
• MCX Natural gas is expected to slip towards 253 level as long as it trades below 268 level
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