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MCX Gold prices is likely to rise towards 57900 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
* Spot gold is likely to hold the support near $1845 and move higher towards $1880 amid softness in the US dollar index.The increasing probability of Fed pause in the November meeting would support the bullions to hold firm. Furthermore, expectation of smoothness in key US PPI numbers would also support the Fed pause bets. Meanwhile, investors will remain focused ahead of FOMC meeting minutes scheduled today.
• MCX Gold prices is likely to rise towards 57900 asMCX Gold prices is likely to rise towards 57900 as long as it holds the key support 57400. Above 57900, it would open the doors towards 58,200 level.
• MCX Silver is expected to rise towards 70000, as long as it holds above 68200 level.
Base Metal Outlook
• Copper prices are expected to find support and recover its losses amid hopes of fresh round of stimulus from China to support the housing market. However, persistence rise in inventory levels in the LME registered warehouse could restrict the upside in the metal. Meanwhile, investors will focus on the key economic numbers from China.
• MCX Copper is expected to find support near 698 and move higher towards 710. Only close below 698 would weaken further towards 692.
• MCX aluminium is expected to weaken towards 203, as long as it trades 190 under 207.00 level.
Energy Outlook
• NYMEX Crude oil is expected to hold above the key support at $84 and move higher towards the $88 amid ongoing geopolitical risk in the Middle East. Further, expectation of fresh round of stimulus from China could also support oil prices to trade with a positive bias. Moreover, softness in the dollar amid increasing bets of Fed pause in the November meeting would support the NYMEX crude to hold above the $84 mark.
• MCX Crude oil is likely to find support near 7060 and rise back towards 7250 level
• MCX Natural gas is expected to find support near 276 and rise towards 288 level on forecast of colder temperature in the US which would boost heating demand for natural gas
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