MCX gold February is expected to rise towards 64,400 as long as it holds above 63200 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
* Gold is expected to move higher towards $2140, as long as it holds above $2060 amid increasing probability of rate cut in March by the US Federal reserves. As per the CME Fed-Watch toll probability of rate cut in May has moved up to 60% from 44%. Further, attack on an American warship and commercial vessels in the Red sea could also add risk premiums to the bullion prices. Meanwhile, traders will eye on key economic numbers from Europe and US to get more clarity on the future interest rate path by the centra banks.
* MCX gold February is expected to rise towards 64,400 as long as it holds above 63200.
* MCX silver is likely to follow the yellow metal and move towards 79,200, as long as it trades above 77000
Base Metal Outlook
* Copper prices are expected to hold its ground and move higher amid supply concerns and softness in the dollar. Further, improved manufacturing numbers in China would also increase the metals demand and help the metals to hold its gains. Additionally, less restrictive monetary policy and increasing risk appetite would also favor the bulls to take control
* MCX Copper December is likely to find support near 721 and move towards 730. Only close above 730, it would open the doors towards 736.
* MCX Aluminium December is expected to find the floor near 200 and rebound again towards 203.50-204.00 zone
Energy Outlook
* NYMEX Crude oil prices are expected to remain under pressure and face the hurdle near $77 mark amid growing skepticism over production cut by OPEC+. Further, increasing production from the US, which hit its highest level last month would restrict its upside. Last week, the US rig counts has risen to 622. Meanwhile, reemergence of geopolitical tension could limit its downside.
* MCX Crude oil is likely to weaken towards 6100, as long as it remains under 6450. Only move below 6100 would open the doors towards 6000.
* MCX Natural gas December futures is expected to face the hurdle near 240 and move lower towards 230 amid mild weather forecast in US. A move below 230 would weaken further towards 225.
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