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Mcx Gold April price is likely to face hurdle near 62,600 level and slip towards 61,900 levels - ICICI Direct
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Metal’s Outlook:
Bullion Outlook:
• Spot gold is likely to face the hurdle near $2035 level and slip towards $2010 level amid strong dollar and higher US treasury yields. Diminishing prospects of early rate cut by the Federal reserve would support the dollar to hold its gains. Further, investors will keep an eye on comments from other Fed officials to gauge the future interest rate path. Meanwhile, safe have appeal in the bullions could limit its downside.
• MCX Gold April price is likely to face hurdle near 62,600 level and slip towards 61,900 levels
• MCX Silver is expected to follow gold and slid further towards 70,000 level as long as it sustains below 71,300 level. Below, 70,000 it can hit 69,400.
Base Metal Outlook:
• Copper prices are expected to remain under pressure amid strong dollar and sluggish growth outlook in China. Further, weaker global risk sentiments amid higher borrowing cost for longer duration across major economies would hurt the demand outlook of the metals. Meanwhile, persistent decline in inventories
• MCX Copper is expected to slip towards 710 level as long as it stays below 722 level. A move below 710 would open the doors for 706 levels.
• Aluminum is expected to slip further towards 197 level as long as it stays below 202 level.
Energy Outlook:
• NYMEX Crude oil is expected to face the hurdle near $74 and move lower towards $71.0 amid strong dollar and easing of tensions in Middle East. Further, concerns about demand in China also weigh on the oil prices. Additionally, increasing oil supplies from the US would also check its gains. Meanwhile, attack on Russian oil refineries would hurt the oil supplies from the region, which could limit the downside in the oil prices..
• MCX Crude oil is likely to move in the tight range of 5950 to 6180 amid mixed set of factors. Only close below 5950 would weaken further towards 5850 levels.
• MCX Natural gas is expected to slip further towards 168 level as long as it trades below 180 level
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