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MCX Gold June is expected to face the hurdle near 71500 and move lower towards 70400 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
* Spot gold is expected to trade in the band of $2300 and $2335 with a negative bias amid reduced safe haven demand. Easing geopolitical tension in the Middle East and increasing risk appetite could weigh on the bullions. But weakness in the US dollar and treasury yields could provide some support to the bullions to trim its earlier losses. For the day we expect prices to remain in a very tight range as most traders will eye for key US GDP number and PCE price index data to get more clarity on the Fed’s interest rate path.
* MCX Gold June is expected to face the hurdle near 71500 and move lower towards 70400. Only close below 70400, it would turn weaker and slide further towards 69500.
* MCX Silver May is expected to face the resistance at 81500 and move lower towards 79400. Only a move below 79400, it would weaken further towards 78200.
Base Metal Outlook
* Copper prices are expected to trade with negative bias amid profit booking. Further, expectation of increase in output amid improving relations between Zambia's new government and mine investors has raised the hopes the copper output will rise by 1 million metric tons in next two year. Meanwhile, depleting stocks in LME and SHFE would restrict any major downside in the base metals
* For the day, MCX Copper May is expected to face the hurdle near 848 and move towards the 10 day EMA support at 838. Only close below 838 it would weaken further towards 830.
* Aluminum is expected to trim its earlier gains and weaken further towards 233, as long as price trades under 241.
Energy Outlook
* NYMEX Crude oil is expected to hold the support near $81 and move back towards the $85 mark amid supply concerns and improved risk appetite in the global markets. Increasing bets of further sanction on Iran would support the oil prices to stay above the $81 mark. Further, unexpected fall in US crude oil stocks in the latest API inventory data raised the hopes that demand is on the rise ahead of summer driving season.
* MCX Crude oil May future is likely to hold the support near 6800 and move back towards 7050. Only a sustained move above 7050 it would rise towards 7150 mark.
* Natural gas is expected to hold its gains and move higher amid increasing export from US and lower production from major producers. MCX May futures is expected to rise towards 180, as long as it holds above 166.
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