MCX gold is expected rise again towards 62,850,a s long as it holds above 62,100 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold is likely to hold its gains and move towards the $2050 mark , as long as it trades above the $2020. The weakness in the dollar and decline in the treasury yields would support the bullions to regain its momentum. Expectation of weak home sales number would weigh on the dollar and increase the bets that the Federal Reserve would cut the rates in March 2024. Meanwhile, traders will eye on key consumer confidence data to get more clarity.
• MCX gold is expected rise again towards 62,850,a s long as it holds above 62,100. Only close above 62,850 would open the doors towards 63,200.
• MCX silver is likely to follow the yellow metal and move towards 75,800, as long as it trades above 74,000.
Base Metal Outlook
• Copper prices are expected to extend its gain amid supply concerns and expectation of more stimuli from China. Further, PBOC kept its 1 and 5-year prime rates at lower levels to support the economy. Further, forecast of lower mine production in the coming year and improved risk appetite would support the red metal to trade firm.
• MCX Copper December is expected to move towards 732, as long as it holds above the 721 mark. Only close above 732, it would rise again towards 736.
• MCX Aluminium is expected to find support near 202 and move higher towards 206. Only close above 206 would open the doors towards 208.
Energy Outlook
• Crude oil prices are likely to extend its gains towards the $76 mark as rise in attacks on the ships in Red sea shipping route stoked concerns over supply disruption. The attacks on the rout would increase the risk premium to oil prices. Further, improved risk appetite in the global markets and softer dollar on increasing bets of Fed rate cut in the coming year would also support the NYMEX crude to stay above the $72. Additionally, expectation of drawdown in crude oil inventories would also help the oil prices to hold firm.
• MCX Crude oil January is likely to find support near 6100 and move towards 6280 level. Only above 6280 it would rise towards 6350
• MCX Natural gas December future is likely to rise towards 220, as long as it holds above the 204 mark.
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