MCX gold is expected to rise towards 63,300,as long as it holds above 62,800 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold is expected to strengthen its gains and move towards $2070, as long as it trades above the $2050 mark amid weakness in the dollar and fall in US treasury yields. The softness in the US inflation numbers and weaker economic number has raised the bets of an early rate cut by the Fed in the coming year. Markets are now pricing more than 150 bps of rate cuts next year. Further, safe haven appeal in the bullions would also support it to hold its gain.
• MCX gold is expected to rise towards 63,300,as long as it holds above 62,800. A move above 63,300 would open the doors towards 63,600.
• MCX silver is likely to hold the support near 74500 and rebound again towards 75,800.
Base Metal Outlook
• Copper prices are expected to trade with a positive bias amid weakness in the dollar and increasing supply concerns. Further, expectation of rate cut by China to strengthen the consumer credit would also support the bullish outlook in the red metal. Additionally depleting stocks in China and LME would push the metal to move above its recent highs.
• MCX Copper January is expected to move towards 738, as long as it holds above the 728. Above 738, it would rise towards 744.
• 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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