MCX Crude oil is likely to rise towards back 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 hold its gains and trade with the positive bias amid safe haven buying. Escalating tension in the Middle East after the recent attacks by Iran on Israel over the weekend stoked fears of a wider regional conflict. Spot gold prices likely to rise towards $2420 levels as long as its stays above immediate support near $2330 level. Meanwhile, focus will remain on any retaliatory action from Israel against Iran. Moreover, data from US would also be eyed by the traders to get further clarity.
* MCX Gold June is likely to rise further towards 73,200 level as long as it stays above 71,500 level. A move above 73,200 level it may push the price towards 73,600 level. On the contrary, close below 71,500 level it may correct towards its immediate support of 70600 level.
* MCX Silver May is expected to rise towards 84,500 level as long as it sustains above 82,200 level.
Base Metal Outlook
* Copper prices expected to trade with positive bias amid worries about supply disruption and sign of economic recovery from the top metal consumer China. Tight copper mine supply has been impacting the refined production. Further, renewed hopes of fresh round of stimulus from China would also support the rally in the base metals. Moreover, latest sanction on Russian supplies of copper and aluminum by US and UK could also helped the metal to trade with positive bias.
* MCX Copper is expected to move north towards 840 level as long as it stays above 816 level. A break above 840 would open doors for 848 levels.
* Aluminum is expected to hold the support at 224 and move higher towards 230. Only close below 224 it would move towards 221 mark.
Energy Outlook
* NYMEX Crude oil is expected to move back towards $88 level as long as it trades above $84 level amid heightened tension in the MiddleEast, which could risk disruption to supply from the oil producing region. Recent attack by Iran on Israel has caused a major threat to supply from the Middle east nations. Meanwhile, further gains may depend on how Israel and the West nations choose to retaliate.
* MCX Crude oil is likely to rise towards back towards 7300 levels as long as it trades above 7050 levels. A move above 7300 would open the upside towards 7400.
* Natural gas April is expected to hold support near 144 and move back towards 155 on cooler US weather forecasts. However, higher inventories and drop in LNG export could restrict its upside .
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