MCX Gold prices is likely face the resistance at 58200

13-10-2023 10:33 AM | Source: ICICI Direct

MCX Gold prices is likely face the resistance at 58200 - ICICI Direct

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Rupee Outlook

* Spot gold is likely to face the hurdle near $1885 and weaken towards $1855 amid firm dollar and rise in US treasury yields. The increasing probability of higher for longer US interest rates after rise in US inflation numbers could restrict the upside in the bullions. The CME Fed-watch tool indicates more than 31% probability that the Fed will increase the rates by 25 bps points in December. Meanwhile, investors will remain cautious ahead of the key US consumer sentiment and inflation expectation data.

* MCX Gold prices is likely face the resistance at 58200 and weaken towards 57600

* MCX Silver is expected to weaken towards 68100, as long as it trades under the 70200 mark.

Base Metal Outlook

* Copper prices are expected to remain under pressure amid strong dollar and higher inventories. The weakness in the Chinese property market would also weigh on the metal prices. Meanwhile, traders will remain cautious ahead of key economic numbers from China.

* MCX Copper is expected to face the hurdle near 708 and weaken towards 695. Only close below 695, it would slide towards 690.

* MCX aluminium is expected to weaken towards 202, as long as it trades under 205.50 level.

Energy Outlook

* NYMEX Crude oil is expected to face the hurdle near $85 and weaken towards $81.50 amid stronger dollar and slowing fuel demand in US. However, renewed concerns on supply after the US tightened its sanctioned programme against Russian crude exports could limit the downside in oil prices.

* MCX Crude oil is likely to face the resistance near 7100 and weaken towards 6800. Only a move outside of the range would bring more clarity in the trend. Below 6800 it would slide towards 6650. Likewise above 7100 it can test 7250.

* MCX Natural gas is expected to weaken towards 270, as long as it trades under 288. The forecast of above normal temperature in US would restrict the upside in price.

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MCX Gold prices is likely face the resistance at 58200 - ICICI Direct

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