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MCX gold is expected to rise towards 63,600, as long as it holds above 63,000 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold prices are likely to find support near $2050 and move back towards $2080 mark on expectation of weaker set of economic numbers from US. The US JOLTs job opening numbers are set to remain under 9.0M mark for the 2 nd time in a row and ISM manufacturing PMI is likely to show contraction in the economy. Meanwhile, focus will shift towards the FOMC meeting minutes which could give more clarity on the next move from the Fed.
• MCX gold is expected to rise towards 63,600, as long as it holds above 63,000. Only a move above 63,600 would open the doors towards 63,900.
• MCX silver is likely to rise towards 74800, as long as it hold above the 50 day EMA at 73600.
Copper
• Copper prices are expected to trade weak as weakness in the manufacturing activity across the globe indicates potentially lower demand of the metal. Prices may remain under pressure on lower production demand due to the sluggish growth in the Chinese housing sector. Meanwhile, depleting stocks in SHFE and persistence supply concerns would limit more downside in the metal. Moreover, expectation of more stimulus measures from China would help the metal to trim its losses.
• MCX Copper January is expected to decline towards 725, as long as it stays under 734 level.
• Aluminum is expected to face the hurdle near 210 and decline towards 206.
Energy Outlook
Crude oil
• Crude oil prices are expected to face hurdle near $72.50 and weaken further towards $69 mark amid easing concerns in the Red sea. Further, increasing supplies from the non-OPEC nations and uncertain demand outlook is likely to weigh on the oil prices. However, any sign of further attacks on the vessels in the Red sea could provide support to the oil prices to regain its strength.
• MCX Crude oil January is likely to face the hurdle near 6100 and weaken towards 5880. Only close below 5880 it would slide towards 5800
• MCX Natural gas January future is likely to rise towards 224 mark as long as it holds above the 210 level. Forecast of colder weather in US and record flow of gas to LNG export plants would support the prices to hold its gains.
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