MCX Gold October is expected to move in a wide range between Rs 146,000 and Rs 151,000 level - ICICI Direct
Metal’s Outlook
Bullion Outlook
• Spot Gold is expected to remain in a wide range between $4220 and $4310 level ahead of crucial U.S Non-Farm Payroll data. Further, prices will find support on easing geopolitical concerns as Iran states that its agreement with Oman over proposed shipping lanes is in its final stages. As per CME Fed WatchTool, investors are pricing in about a 57% chance of a rate hike for the month of September.
• MCX Gold October is expected to move in a wide range between Rs 146,000 and Rs 151,000 level.
• MCX Silver September is expected to move in a wide range between Rs222,000 and Rs 228,000 level. Only a move above Rs 228,000, it would turn positive and rise towards Rs 231,000 level
Base Metal Outlook
• Copper prices are expected to trade higher on declining LME and SHFE inventory levels. Further, Congo banned exports of copper concentrate and cobalt concentrate as it escalates efforts to force domestic processing and retain more value from its mineral resources. Additionally, Chile's state miner Codelco decided to freeze expansion works at its Andes Norte section of the El Teniente mine, citing newly identified seismic risks tied to the project's depth. Meanwhile, upside will be limited on strong dollar.
• MCX Copper August is expected to rise towards Rs 1385 level as long as it trades above Rs 1360 level. Only a break above Rs 1385 level, it will rise towards Rs 1395 level.
• MCX Aluminum August is expected to find support near Rs 344 level and rise towards Rs 356 amid supply concerns. MCX Zinc August is likely to hold support near Rs 388 level and rise towards Rs 399- Rs 400 level.
Energy Outlook
• NYMEX crude oil expected to find support near $76 level and rise towards $82 as Houthi militant group said it conducted a large-scale attack against forces from Yemen’s Saudi-backed government. Further, prices will find support as Ukraine struck two of Russia’s oil refineries overnight. Meanwhile, further upside will remain limited as Iran states that its agreement with Oman over proposed shipping lanes is in its final stages. Meanwhile, improved supplies from UAE to pre-war levels in July could ease supply concerns and limit its upside.
• MCX Crude oil August is expected to find support near Rs 7080 and rise towards Rs 7700 level.
• MCX Natural gas August is expected to face resistance near Rs 257 level and dip towards Rs 246- Rs 247 level.
Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631
.jpg)
