MCX gold is expected to rise towards 63,300,as long as it holds above 62,600 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold is expected to hold its ground and move towards $2070, as long as it trades above the $2040 mark amid weakness in the dollar and fall in US treasury yields. The softness in the US inflation numbers would again increase the bets of rate cuts by the Fed in the coming year, which would again support the bullion prices to scale new highs. For the day, price my move in a tight range amid lack of participation due to Christmas holiday week in most western countries.
• MCX gold is expected to rise towards 63,300,as long as it holds above 62,600. Only close above 63,300 would open the doors towards 63,600.
• MCX silver is likely to hold the support near 74800 and move towards 76,200. Only close below 74800, it would correct towards 74200.
Base Metal Outlook
• Copper prices are expected to trade in tight range with a tilt on the bullish side amid increasing supply concerns and softness in the dollar. Further, announcements of rate cut by China’s Big Five banks on some deposits would also support the metal prices.
• MCX Copper January is expected to move towards 736, as long as it holds above the 728 level
• Aluminum is expected to hold its gains amid supply concerns. MCX Aluminum is likely to rise towards the 210 mark as long as it holds above 206 level.
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