MCX Gold prices is likely to move north towards 58,800 level - ICICI Direct
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Metal's Outlook
Bullion Outlook
* Spot gold is likely to rise back towards $1920 levels as long as it sustains above $1900 levels amid expectation of correction in dollar and soft US treasury yields. Rally in dollar may be short lived as concern may recede about hotter than expected US retail sales and PPI in August, as much of rising cost were driven by surge in gasoline prices which would wane in months. Additionally, survey is likely to show that US consumer sentiments continued to decline
* MCX Gold prices is likely to move north towards 58,800 level as long as it trades above the support level of 58,250 levels
* MCX Silver is expected to rise back towards 71,600 level as long as it sustains above 70,200 level (200-Day EMA)
Base Metal Outlook
* Copper prices are expected to trade with positive bias amid rise in risk appetite in the global markets, upbeat economic data from China and on hopes that major central banks across globe are done with their rate hike cycle. China’s industrial production increased by 4.5% and retail sales climbed by 4.6% in August. Additionally, PBoC cut its reserve requirement ratio for the second time this year to boost liquidity and support country’s economic recovery, aligning with eased rules to acquire property in key construction hubs
* MCX Copper may rise further towards 745 levels as long as it trades above 730 levels
* MCX aluminium is expected to move upward towards 205.50 level as long as it stays above support level of 202.50 level
Energy Outlook
* NYMEX Crude oil is expected to rise further till $92 amid optimistic global market sentiments and concerns over tighter global oil supply. Further, prices may rally on hopes that Chinese economy may revive and energy demand will improve, aided by several stimulus from China. Additionally, prices may rally on expectations that major central banks are nearing the end of rate hike cycle
* MCX Crude oil October is likely to rise further towards 7550 level as long as its sustains above 7330 levels
* MCX Natural gas is expected to move upwards towards 235 level as long as it stays above 220 level on forecast for hot US temperatures next week. Meanwhile, weekly EIA natural gas inventories rose by 57bcf, above expectations of 50bcf
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