MCX Gold prices is likely to move north towards 59,200 level as long as it trades above the support level of 58,700 levels - ICICI Direct
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Bullion Outlook
• Spot gold is likely to hold the support of $1910 levels (200-Day EMA) and rise towards $1932 levels amid expectation of correction in Dollar and soft US treasury yields. Additionally, demand for safe haven may increase as investors will buy gold as a hedge against economic uncertainty. Moreover, investors will be watching events in US where lawmakers are haggling over spending bill with 30th September deadline to avert a potential governmentshutdown
• MCX Gold prices is likely to move north towards 59,200 level as long as it trades above the support level of 58,700 levels
• MCX Silver is expected to follow gold prices and move higher towards 74,400 level as long as it sustains above 72,900 level
Base Metal Outlook
• Copper prices are expected to trade with negative bias amid risk aversion in the global markets and rising inventories at LME registered warehouses. Copper stocks are at their highest since May 2022 and data by ICSG showed that copper market was in surplus in the January-July period. Market sentiments are hurt as key central banks reinforced message that interest rates will remain higher for longer and weak economic data from the major economies
• MCX Copper may slip further towards 711 levels as long as it trades below 723 levels
• MCX aluminium is expected to move upward towards 205.00 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 levels as growing concerns over tighter global supplies will outweigh concerns over potential slowdown in demand. Fuel export ban from Russia comes amidst tight supply with Russia and Saudi Arabia extending their production curbs until end of this year. Meanwhile sharp upside may be capped on pessimistic global market sentiments. Additionally, investors fear that higher borrowing cost for longer duration could slow economic growth and reduce oil demand.
• MCX Crude oil is likely to move up towards 7600 level as long as its sustains above 7350 levels
• MCX Natural gas October is expected to move downwards towards
230 level as long as it stays below 245 level
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