MCX Gold April price is expected to consolidate in the band of 61900 and 62,400 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is expected to remain in a tight rage ahead of the key economic numbers this week. Today, prices may move towards the higher band of the consolidation range $2010-$2040 on expectation of weaker US durable goods order data. Further, safe haven buying due to the unrest in Mideast and Ukraine would also support the bullions. However, focus will remain on this weeks key US core PCE price index and GDP numbers which might give more clarity on future interest rate path.
• MCX Gold April price is expected to consolidate in the band of 61900 and 62,400. Only a move outside of the range would bring further clarity in its direction.
• MCX Silver March holds strong support near 69,000, if holds then it would rebound towards 70,200.
Base Metal Outlook
• Copper prices are expected to trade lower amid sluggish growth of the property sector in China. Further, sharp jump in inventory level in SHFE has erased the supply concerns. Additionally, forecast of contraction in the manufacturing activity in China for the third month in a row would hurt the red metal to trade lower. Meanwhile, investor will eye on key economic numbers from US to get more clarity on the timing of interest rate cut.
• MCX Copper March is expected to face the hurdle near 730 and dip towards 721. Only close below 721 it would weaken towards 717.
• Aluminum March future is expected to dip towards 195, as long as it trades under the 200 mark.
Energy Outlook
• NYMEX Crude oil is expected to hold the support near $75 and move higher towards $78.50 amid strong physical demand and supply concerns. Higher crack spread will encourage the refiners to boost their crude purchases. Crack spread hit to its highest level in last five months. Further, supply disruption due to unrest in the Mideast and tension in the Red Sea would support the oil prices to stay above the $75 mark.
• MCX Crude oil March is expected to hold the support near 6300 and move towards 6520. For now 6520, would act as major resistance for price. A move above would bring fresh buying in oil prices and push it towards 6600.
• MCX Natural gas March futures is expected to find support near 140 and move higher towards 155 on the prospects of production cut by major producers in US.
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