MCX Gold April price is likely to consolidate in the band of 62,300 and 62,800 - ICICI Direct
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Metal’s Outlook:
Bullion Outlook:
• Spot gold is likely to move higher towards the initial hurdle at $2045 amid increasing safe haven appeal and softness in the US dollar. Expectation of rise in weekly jobless claims numbers could support the precious metal to trim its earlier losses. However, hawkish comments from the Fed members and diminishing probability of rate cut in March would limit any major upside in the yellow metal. Additionally, liquidation of gold holdings by ETFs would check its upside.
• MCX Gold April price is likely to consolidate in the band of 62,300 and 62,800. Only a move above 62,800 would bring fresh buying in the metal and push the price towards 63,000 levels
• MCX Silver is expected to find the floor near 70,000 and rebound towards 71,200. Below 70,000, it would slide towards 69,400.
Base Metal Outlook:
• Copper prices are expected to remain under pressure amid demand uncertainty. Sluggish growth outlook in the top consumer China and lower demand ahead of the Lunar New year holiday would weaken the metal prices further. Meanwhile, persistent decline in inventory level in LME could limit its downside.
• MCX Copper is expected to face the hurdle near 715 and weaken towards 708. A move below 708 would open the doors towards 702.
• Aluminum is expected to consolidate in the band of 199 to 202.50. Below 199 it would test next support at 198.
Energy Outlook:
• NYMEX Crude oil is expected to rise towards $75 amid fading hopes of Gaza ceasefire talks after Israel Prime Minister rejected the latest proposed agreement. Further, fresh attacks on the ships by Houthi militants and better demand of crude oil products in US would help oil prices to trade higher. Moreover, expectation of decline in US crude oil production from the record production in 2024 would also support its gains.
• MCX Crude oil is likely to move towards 6200, as long as it holds above the 6040 levels. Only close above 6200 would push the price further towards 6300 levels.
• MCX Natural gas is expected to slip further towards 160 level as long as it trades below 172 level. Forecast of warm US winter temperature will check its upside.
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