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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 $2060 and move back towards $2084 on expectation of softness in the US dollar and US treasury yields. Further, weaker set of economic numbers from the US would also support the bullions to trim its yesterday’s losses. Additionally, the probability of rate cut in March has gone up to 74%, which could provide the necessary fuel to the bullions to hold its ground. Meanwhile, gains in the metal could be capped as most investors will look to book their profit ahead of the last trading day of the year.
• MCX gold is expected to rise towards 63,600, as long as it holds above 63,000.
• MCX silver is likely to rise towards 75800, as long as it trades above the 10 day EMA at 74,810. Only close below 74,800, it would slide towards 74200
Copper
• Copper prices are expected to hold its ground and erase its yesterday’s losses on expectation of fresh round of stimulus from China. Further. depleting stocks in SHFE and persistence supply concerns would help the red metal to end the year on a higher note. Additionally, softness in the dollar would also provide some help to the red metal.
• MCX Copper January is expected to find the floor near 730 and move back towards 740. Only close below 730 would weaken it towards 726.
• Aluminum is expected to face the hurdle near 213 and weaken towards 209.
Energy Outlook
Crude Oil
• Crude oil prices are likely to remain under pressure amid easing concerns in the Red Sea. More shipping companies has agreed to transit through the Red sea. Meanwhile, reduction in oil inventory last week could limit more downside in the prices. NYMEX crude is expected to remain in the band of $71 and $73.80. Only move below $71, it would weaken further towards the $69 mark.
• MCX Crude oil January is likely to move in the range 5900-6200. Only close below 5900, would weaken it again towards the 5800 mark.
• MCX Natural gas January future is likely to find the support near 204 and move towards 215. NYMEX gas is expected to rise towards 2.64 MMBtu on forecast of improved export demand and cooler weather in the first week of January in US.
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