MCX Gold June is expected to consolidate in the broad range of 71800 and 72650 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
* Spot gold is expected to face the hurdle near $2375 and move lower towards $2330 on expectation that elevated inflation in US could force the Federal Reserve to keep the rates higher for longer. Yesterday’s PPI numbers has set the tone for rise in inflation numbers. Meanwhile, most investors will eye on today’s key CPI data which is likely to rise by 0.4% last month. Sticky inflation numbers would restrict any upside in the bullions. Meanwhile, forecast of mixed US economic numbers and geopolitical risk premiums would provide support to the bullions.
* MCX Gold June is expected to consolidate in the broad range of 71800 and 72650. A move below 71800 would weaken the precious metal to slide towards 71300. 72650 would act as major resistance, only above 72650 it would rally towards 73000 mark
* MCX Silver July is expected to face the hurdle near 86,000 and move lower towards 84,400. A move below 84,400 would be more negative for prices.
Base Metal Outlook
* Copper prices are expected to hold its gains amid supply concerns and hopes of fresh stimulus from China. Additionally, low availability of material hampered the global supplies, which could lead prices to stay higher. Meanwhile, focus will remain on key inflation numbers from US which could give further clarity on Fed’s interest rate path.
* MCX Copper May is likely to hold the support near 878 and move towards 892. Only a move below 878 it would correct towards 872.
* Aluminum May future is expected to consolidate in the band of 230 and 236. Only a move below 230 it would turn weaker and slide towards 227.
Energy Outlook
* NYMEX Crude oil is expected to face the hurdle near $80 and move lower towards the $77 mark amid increase in supply from some OPEC members. Further, higher inflation number in US could dent the demand outlook. Meanwhile, recent decline in API crude oil inventory and ongoing tension in the Middle East would limit its downside. For the day focus will remain on US inflation numbers which might give further clarity on Fed’s interest rate path. Moreover, investors will also eye on weekly oil inventories data.
* MCX Crude oil June future is expected to face the hurdle near 6600 and move lower towards 6450.
* Natural Gas prices are expected to consolidate in arrange amid forecast of mixed weather outlook in US. MCX Natural Gas is expected to move in the band of 192-200. Only move below 192, it would slip towards 186.
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