MCX Gold Oct is expected to hold the support near 71,700 and rise towards 72,300 - ICICI Direct
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Bullion Outlook
* Spot gold is expected to hold above $2500 and move towards $2535 amid increasing safe haven bids and loose monetary policy from major central banks. Further, dovish comments from the Fed officials and expectation of weaker economic numbers from US would support the bullions. Moreover, increasing inflows into the gold ETFs and rising net longs in the futures would strengthen the yellow metal to trade higher.
* MCX Gold Oct is expected to hold the support near 71,700 and rise towards 72,300. Only above 72,300 it would open the doors towards 72,800.
* Spot silver is expected to rise towards $30.00, as long as it holds above $29.00. Only close above $30.00 it would open the doors towards $30.80. MCX Silver September is expected to hold the support near 84,200 and rise back towards 86,000. A move above 86,000 it would rise towards 87,400.
Base Metal Outlook
* Copper prices are expected to hold its gains and trade higher amid improved risk sentiments. Further, drop in SHFE stocks indicates improvement in local demand in China which would also support the metal prices to trade higher. Meanwhile, rising inventory levels at LME and forecast for weaker economic numbers from US would cap sharp upside in the metals.
* MCX Copper September is expected to hold the support of 10 DEMA at 808 and extend its rise towards 816. A move above 816 would open the doors towards 821.
* MCX Aluminum is expected to hold its gains and rise towards 235, as long as it trade above 230.
Energy Outlook
* NYMEX Crude oil is expected to hold the support near $75 and extend its rebound towards $78 mark amid fears of broadening Middle East conflicts. Fear of supply disruption and improved risk appetite amid lose monetary policy from major central banks would support the oil prices to hold firm. Further, expectation of drawdown in crude oil inventories would also help the prices to stay higher. NYMEX Crude oil is likely to rise towards $78, as long as it holds above $75. Increasing OI at 75 put strike indicates strong base. On the upside, higher OI concentration observed at 80 strike call would act as major resistance.
* MCX Crude oil Sep is likely to rise towards 6580, as long as it holds above the 20 day EMA at 6380. Reversal in the RSI indicates change in momentum.
* MCX Natural gas September is likely to move lower towards 176, as long as it remains under 188 mark. Rising gas inventories and lower cooling demand would weigh on the gas prices.
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