MCX Gold Aug is expected to hold the key support of 10 day EMA at 72,100 and move towards 72,800 - ICICI Direct
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Bullion Outlook
Metal’s Outlook
* Spot gold is expected to hold the support at $2350 and move in a tight range ahead of the key economic numbers from US this week. Focus now shifts to the US inflation report which would give more clarity on the timing of the 1 st interest rate cut in US. Any sign of moderation in the inflation number would increase the chances of September rate cut. The CME Fed-watch tool indicates more than 73% probability of rate cut in September. Further, rise in holdings by physically backed gold ETFS would also support the bullions to hold its ground firm.
* MCX Gold Aug is expected to hold the key support of 10 day EMA at 72,100 and move towards 72,800. Above 72800 it would open the doors towards 73,200.
* MCX Silver September is expected to hold the support near the breakout level at 91,800 and rise towards 93,800. Only below 91,800 it would turn weak and slide towards 90,500.
Base Metal Outlook
* Copper prices are expected to hold its ground amid hopes over policy support from China. Again, rise in premium on imported copper for the first time in two months would also strengthen the bullish outlook in the metal. Further, lower inflation numbers and slower factory orders data would give more reasons for fresh round of stimulus from China.
* MCX Copper July is expected to hold the support of 20 day EMA support at 860 and move back towards 878 mark. Only a move above 878 it would turn bullish and open the doors towards 884.
* Aluminum is expected to face the hurdle near 233 and move lower towards 229. Higher production in China and rise in LME inventory levels would check its upside.
Energy Outlook
* NYMEX Crude oil is expected to hold the support near $81 and rebound towards $84 amid steady demand after the US API data indicated a drawdown in crude and gasoline inventory. Further, outlook for higher oil demand by EIA in its latest report would support the oil prices to regain its strength. Additionally, increasing bets of rate cut in September by the Federal Reserve would limit the downside. Meanwhile, focus will remain on the weekly EIA inventory data which might give further clarity in price trend. Further, higher OI concentration at 85 strike call would act as good supply zone
* MCX Crude oil July is likely to hold the 20 day EMA support at 6780 and move towards 6940. Only close below 6780 it would turn weaker towards 6700.
* MCX Natural gas July is likely face the hurdle near 208 and move lower towards 192. Only a move above 208 it would rise towards 215.
https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631
