MCX Gold April prices is likely to rise towards 66,500 level as long as it stays above 65,800 levels - icici Direct
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Metal’s Outlook
Bullion Outlook
* Spot gold is likely to hold the support near $2160 levels and rise towards $2195 levels amid weakness in US treasury yields. US yields may move further south as investors awaits key inflation data scheduled Friday to gauge the timing of first rate cut. If the data signals ebbing price pressure then it would firm the expectation of three Fed rate cuts this year and first cut in June. As per CME FedWatch tool traders are now pricing in more than 63% probability that Fed will begin cutting rates in June. Moreover, demand for safe haven may increase on escalating tension in Middle East and eastern Europe.
* MCX Gold April prices is likely to rise towards 66,500 level as long as it stays above 65,800 levels
* MCX Silver May is expected is expected to follow gold and rise back towards 75,500 level as long as it sustains above 74,100 level.
Base Metal Outlook
* Copper prices are expected to trade with the negative bias amid firm dollar and rise in stocks at LME registered warehouses. Further, prices may slip on demand concerns from China and weak yuan. Meanwhile, sharp downside may be cushioned on expectations that major central banks across globe would start dialing back tighter monetary policy, supportive for economic growth. Moreover, copper mine supply disruptions would also lend support to prices
* MCX Copper is expected to move south towards 752 level as long as it stays below 763 level. A break below 752 would open doors for 747
* Aluminum is expected to slip further towards 205.50 level as long it remains below 208 level
Energy Outlook
* NYMEX Crude oil is expected to slip further towards $80.00 levels amid firm dollar and pessimistic global market sentiments. Further, market sources citing American Petroleum Institute figures showed rise in US crude oil inventories and distillate. Crude stocks rose by 9.3 million barrels in the week ended 22nd March. Gasoline inventories fell by 4.4 million barrels, and distillate stocks rose by 531,000 barrels. However, sharp fall may be cushioned on fears over supply disruption due to ongoing geopolitical tension in eastern Europe and Middle East. Investors will remain cautious ahead of official government data on crude oil inventories
* MCX Crude oil is likely to slip towards 6700 levels as long as it trades below 6880 levels.
* MCX Natural gas April is expected to slid further towards 145 levels as long as it stays below 156 levels on forecasts for milder weather and and ample amounts of gas in storage
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