MCX Crude oil is likely to rise towards 7300 levels as long as it trades above 7050 levels - ICICI Direct
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Metal’s Outlook
Bullion Outlook
* Spot gold is likely to continue with its upward momentum amid weakness in dollar and rise in demand for safe haven following geopolitical tension in Middle East. Further, prices may go higher as market is reacting positively to rise in gold purchases by Chinese and other central banks. Spot gold prices likely to rise further towards $2360 levels as long as its stays above immediate support near $2315 level. On flip side, close below $2315 level it may correct towards its psychological support of $2300 level, only a sustain close below $2300 level prices may move further south towards 10-day EMA around $2285 level.
* MCX Gold June prices is likely to rise further towards 71,200 level as long as it stays above 70,200 level. On the contrary, close below 70,200 level it may correct towards its psychological support of 70000 level, only a close below this level prices may move further south towards 69500.
* MCX Silver May is expected to rise towards 82,600 level as long as it sustains above 81,000 level.
Base Metal Outlook
* Copper prices expected to trade with positive bias amid weak dollar, optimistic global market sentiments and tightening supply risk due to disruptions in major mines in Africa, logistical problems in Congo and droughts in Zambia. Further, prices may rally on hopes for cuts to interest rates in the US and Europe as well as elevated sentiment towards other commodities.
* MCX Copper is expected to move further north towards 820 level as long as it stays above 805 level. A break above 820 would open doors for 825 levels.
* Aluminum is expected to face hurdle near 225.50 levels and slip back towards 221 level
Energy Outlook
* NYMEX Crude oil is expected to find the support near $85.10 level (10- day EMA) and rise back towards $87.50 level buoyed by weakness in dollar, worries over supply tightness and persistent geopolitical tension in Middle East. Hopes for ceasefire in Gaza diminished after Hamas rejected proposal and Israeli PM said a date was set for an invasion of Rafah, Gaza's last refuge for displaced Palestinians. Moreover, investors will remain cautious ahead of inflation data from US and China, worlds top oil consumers to gain signals on economic conditions. Additionally, Tehran statement to get revenge is feeding concern that the conflict would broaden in Middle East
* MCX Crude oil is likely to rise towards 7300 levels as long as it trades above 7050 levels (10-Day EMA). A sustain break above 7300 level would open doors for 7350 levels
* MCX Natural gas April is expected to rise further towards 50-Day EMA of 160 level as long as its holds the support near 147 level
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