MCX Crude oil September is expected to move in wide range between Rs 8000 and Rs8400 level - ICICI Direct
Metal’s Outlook
Bullion Outlook
• Spot Gold is expected to find support near $4580 and rise towards $4700 level on soft dollar and safe haven buying. Further, prices may find support as U.S. Treasury Secretary Scott Bessent said he may further increase the governments repurchases of Treasuries. As per CME Fedwatch Tool, traders are pricing in a 58% chance that Fed will keep interest rates unchanged and a 42% chance of a rate hike in September. Furthermore, Gold-backed ETFs also attracted inflows of 46.7 metric tons ($6.4 billion) last week, which was their largest weekly demand in 10 months, according to the World Gold Council.
• MCX Gold October is expected to find support near Rs 161,000 and rise towards Rs 165,000 level.
• MCX Silver September is expected to move in a wide range between Rs 240,000 and Rs 248,000 level. Only a move above Rs 248,000, it would rise towards Rs 250,000 level.
Base Metal Outlook
• Copper prices are expected to trade higher as tight physical supply continued to underpin prices. Further, prices may find support on soft dollar. Additionally, a large order to withdraw inventory from London Metal Exchange warehouses stoked fresh supply concerns following a major squeeze last week. Copper market remains vulnerable after months of outflows, partly due to metal being diverted to US ahead of anticipated tariffs. Meanwhile, Investors are awaiting the official announcement regarding U.S. tariffs on imported refined copper.
• MCX Copper August is expected to find support near Rs1375 level and rise towards Rs 1390 level. Only a move above Rs1390 level, it will rise towards Rs 1395 level.
• MCX Aluminum August is expected to face resistance near Rs350 level and dip towards Rs342. MCX Zinc August is likely to find support near Rs404 level and rise towards Rs418 level.
Energy Outlook
• NYMEX crude oil expected to move in a range between $84 and $88 level as traders assess the U.S new measures against Iran. Further, Treasury Secretary Bessent said U.S. is launching a new campaign to isolate Iran and sanctioning more than 60 entities, individuals and vessels across the world. Meanwhile, markets remain uncertain whether additional economic pressure would change Iran’s behavior, noting that the country still has significant capabilities to disrupt regional flows
• MCX Crude oil September is expected to move in wide range between Rs 8000 and Rs8400 level.
• MCX Natural gas September is expected to face resistance near Rs 278 level and dip towards Rs 264 level.
Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631
