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MCX Crude oil January is likely to find support near 6000 and move back towards 6250 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold prices are likely to face the hurdle near $2055 and weaken towards the $2020 mark as Fed policymakers pushed back against expectations for aggressive monetary easing early in 2024. The CME FedWatch tool indicates a 65% probability of rate cut in the March meeting and the probability of rate cut in May dipped below the 58% mark. Meanwhile, focus will shift towards key US job number, which could provide more clarity on the price direction.
• MCX gold is expected to face the hurdle near 62,900 and weaken further towards 62,200. Only a move above 63,000 would reverse the trend.
• MCX silver is likely to slip further towards 71,500, as longas it trades under 73,200.
Base Metal Outlook
• Copper prices are expected to remain in a tight range due to weaker manufacturing activity across the globe and risk-off sentiments in global markets. Whereas depleting stocks in SHFE and persistence supply concerns would limit the downside. Moreover, expectation of more stimulus measures from China would help the metal to trim its losses. Meanwhile, traders will keep an eye on key US job numbers to get more clarity in price trend.
• MCX Copper January is expected to remain in the range of 724 to 732. Only close above 732 it would rise towards 736.
• Aluminum is expected to face the hurdle near 209 and decline towards 206.
Energy Outlook
• Crude oil prices are expected to rise towards the $75 amid fear of supply disruption. The shutdown of Libya’s biggest oil field and continued disruptions to shipping activity in the Red Sea would support the oil prices to trade higher. Further, larger than expected drawdown in US oil inventories by 7.4M barrels would also support the NYMEX crude to march towards key resistance at $75.
• MCX Crude oil January is likely to find support near 6000 and move back towards 6250. Formation of bullish pattern( Bullish engulfing) on the daily chart would support prices to stay higher.
• MCX Natural gas January future is likely to rise towards 230 mark as long as it holds above the 218 level. Forecast of colder weather in US and record flow of gas to LNG export plants would support the prices to hold its gains.
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