MCX gold is expected to rise towards 61,500, as long as it holds above the 5 day EMA support at 60,740 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold is expected to hold its ground and trade higher amid softness in the dollar and US treasury yields. Further, strong physical demand from the central banks would also support the bullions to trade higher. The CME Fed Watch toll indicates nearly 0% probability of rate hike in Dec and Jan meeting. Further, expectation of weaker economic numbers from the US would strengthen the probability that the Federal reserve would cut the rates in the first half of 2024.
• MCX gold is expected to rise towards 61,500, as long as it holds above the 5 day EMA support at 60,740
• MCX Silver is likely to follow the yellow metal and rise towards 74,000, as long as it trades above the 72,000 mark.
Base Metal Outlook
• Copper prices are expected to find support and move north amid renewed supply risks in Peru and Panam. Further, hopes of more stimulus from China to support the housing industry would also support the metals to trade higher. Meanwhile, higher inventories in LME could restrict more upside in the red metal.
• MCX Copper is expected to rise towards 721, as long as it holds above the 712 level.
• MCX Aluminium is expected to rise towards 207, as long as its 190 trades above the 204 level.
Energy Outlook
• NYMEX Crude oil prices are expected to move in a tight range ahead of this weeks key OPEC+ meet on Sunday. The downside in prices could be limited amid speculation on supply cuts from OPEC+ production. Where as lower demand forecast and build ups in crude oil inventories in US would limit the upside in oil prices. Meanwhile, traders will keep an eye on a development in the Gulf of Mexico as seven energy companies have been impacted by an oil discharge.
• MCX Crude oil is likely to consolidate in between 6350-6600. A move above 6600 would open the doors towards 6800 mark. Below 6350, it would weaken towards 6200.
• MCX Natural gas December futures is expected to weaken further towards 245, as long as it trades under 260 mark.
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