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MCX Gold prices is likely to move south towards 58,600 level as long as it trades - ICICI Direct
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Metal’s Outlook
Bullion Outlook
* Spot gold is likely to slip back towards $1910 levels as long as it sustains below $1932 levels amid strong dollar and surge in US treasury yields across curve. Yields are moving up as US Fed signaled that bank is ready to raise interest rates once more this year to combat inflation. Fed policymakers see interest rate peaking this year in 5.50%-5.75% range, a quarter percentage point above the current range. Further, projections showed that rates may remain tighter through 2024 than previously expected
* MCX Gold prices is likely to move south towards 58,600 level as long as it trades below the resistance level of 59,300 levels
* MCX Silver is expected to slip towards 71,500 level as long as it sustains below 72,500 level
Base Metal Outlook
• Copper prices are expected to trade with negative bias amid strong dollar, pessimistic global market sentiments and rising inventories at LME registered warehouses. Copper stocks are at their highest since May 2022 at 155,700 tons. Market sentiment is hurt as hawkish guidance from US Federal Reserve reinforced higher for longer interest rate narrative. Moreover, investors will remain vigilant ahead of rate decision from other central banks and economic data from US.
• MCX Copper may slip further towards 720 levels as long as it trades below 732 levels
• MCX aluminium is expected to move downward towards 202.50 level as long as it stays below resistance level of 204.50 level
Energy Outlook
* NYMEX Crude oil is expected to face hurdle near $90 levels and slip towards $88 amid strong dollar and risk aversion in the global markets. Further, investors fear that rising interest rates will slow down economic growth and dent fuel demand. Traders will keep an close eye on other central banks monetary policies to get cues on rate Outlook. Meanwhile, further downside may be cushioned on concerns over tighter global supplies and drawdown in crude oil inventories
* MCX Crude oil is likely to move down towards 7300 level as long as its sustains below 7500 levels
* MCX Natural gas is expected to move upwards towards 235 level as long as it stays above 220 level
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