MCX Gold April prices is likely to rise further towards 65,900 level as long as it stays above 65,200 levels - icici Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to hold the support near $2145 levels and rise towards $2175 levels amid weakness in short term US treasury yields and expectation of correction in dollar. Dollar is likely to move south ahead of Major central bank monetary policy meetings. US Federal Reserve is likely to hold its interest rates unchanged at 5.25%-5.5%, while, Bank of Japan is expected to end its eight years of negative interest rates. Additionally, demand for safe haven may increase on mounting tension in Middle East and Russia. Meanwhile, sharp upside may be capped on expectation of improved economic data from US
• MCX Gold April prices is likely to rise further towards 65,900 level as long as it stays above 65,200 levels
• MCX Silver May is expected is expected to follow gold and rise further towards 76,100 level as long as it sustains above 75,000 level.
Base Metal Outlook
• Copper prices are expected to trade with positive bias amid rise in risk appetite in the global markets, persistent decline in LME inventories and expectation of correction in dollar. Further, upbeat economic data from China signals improving economic conditions in country. Furthermore, prices may rally on concerns for refined copper supply after Chinese smelters agreed to cut output. Moreover, expectation of improved economic data from Euro Zone and US will be supportive for prices.
• MCX Copper is expected to move north towards 769 level as long as it stays above 759 level. A move above 769 would open the doors for 772 levels.
• Aluminum is expected to slip further towards 203 level as long as it stays below 205.50 level.
Energy Outlook
• NYMEX Crude oil is expected to rise further towards $83.0 amid signs of stronger demand and positive economic data from US and China. Further, prices may rally on lower crude oil exports from OPEC largest and second largest producers, Saudi Arabia and Iraq. Moreover, US Energy Secretary Jennifer Granholm said crude oil stockpiles in the SPR at year end will be at or exceeding the level prior to a massive 180 million barrel sale two years ago. Meanwhile, further upside may be capped as investors focus will also be on manufacturing pmi data from major economies, beyond US Fed policy
• MCX Crude oil April is likely to rise towards 6920 levels as long as it trades above 6700 levels.
• MCX Natural gas is expected to rise further towards 150 levels as long as it stays above 137 levels on forecasts for colder US temperatures.
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