MCX Gold Feb is expected to rise towards Rs 154,000 level as long as it stays above Rs 148,000 level - ICICI Direct
Metal’s Outlook
Bullion Outlook
* Spot Gold is likely to trade with the positive bias and rise further towards $4850-$4900 level on weak dollar. Further, demand for safe haven may increase as US President Donald Trump threats to resurrect trade war with Europe shook investors confidence. US President Donald Trump threatened to slap extra tariffs on 8 European nations until the U.S. is allowed to buy Greenland. Investors fear retaliation from European nations should the duties go ahead. Additionally, political instability in Venezuela, geopolitical tensions in Middle East and concerns over Fed independence would continue to support gold prices. Meanwhile, investors will remain cautious ahead of statements from US President Donlad Trump at World economic Forum annual meeting
* MCX Gold Feb is expected to rise towards Rs 154,000 level as long as it stays above Rs 148,000 level.
* MCX Silver March is expected to face stiff resistance near Rs 330,000 level and slip back towards Rs 311,000 level.
Base Metal Outlook
* Copper prices are expected to trade with a negative bias amid risk aversion in the global markets following mounting trade tension between US and Europe. Market worries over economic impact of US President Donald Trump recent tariff threats against European nations. Moreover, prices may slip on signs of softening demand from China. The Yangshan copper premium, a gauge of Chinese consumers' appetite for imported copper, declined to $26 a ton, down from above $50 by the end of 2025. Moreover, expectation of disappointing economic data from US will weigh on prices
* MCX Copper Jan is expected to slip towards Rs 1265 level as long as it stays below Rs 1315 level. A break below Rs1265 level may open doors for Rs 1250-Rs 1230 level
* MCX Aluminum Jan is expected to slide towards Rs 310 level as long as it stays below Rs 318 level. MCX Zinc Jan is likely to face stiff resistance near Rs 315 level and slip towards Rs 307 level
Energy Outlook
* NYMEX Crude oil is likely to trade with positive bias and rise towards $60.50 level on weak dollar and supply concerns amid temporary suspension of output at Kazakhstan's oil fields. Oil production at the 2- Kazakh fields could be halted for another 7-10 days. Moreover, prices may move north amid better-than-expected economic growth data from China and as IMF sees steady global growth in 2026. Meanwhile, sharp upside may be capped as market sentiments are hurt on rising trade tension between US and Europe. Investors will assess potential impact of renewed trade tension on energy demand. Further, U.S. crude oil and gasoline stockpiles are expected to have risen last week
* NYMEX Crude oil may rise towards $60.50 level as long as it trades above $58.50 level. On MCX Crude oil Feb is likely to rise towards Rs 5620-Rs 5690 level as long as it stays above Rs 5350 level.
* MCX Natural gas Feb is expected to rise towards Rs 305 level as long as it stays above Rs 270 level.
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