MCX Gold prices is likely to rise towards 59500, as long as it holds the support 58800 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to rise towards $1945 amid softness in the dollar and persistence of safe haven buying in the bullions. The ongoing tension between Israel and Gaza would support the bullions to hold its ground above the $1900 mark. Meanwhile, investors focus will shift towards the slew of Fed officials comments, which may bring more clarity on the future interest rate path.
• MCX Gold prices is likely to rise towards 59500, as long as it holds the support 58800. Only close below 58800, it would weaken towards 58500.
• MCX Silver is expected to hold the support near 70500 and extend its
gains towards 72200
Base Metal Outlook
• Copper prices are expected to remain under pressure amid a risk-off tone across markets. Further increase in production in South America and higher inventory levels in LME would also weigh on the metal prices. Meanwhile, better than expected economic data from China may provide support to industrial metals. China’s GDP grew 4.9% in July-September from the year earlier
• MCX Copper could face the hurdle near 706 and weaken towards 695. Only close below 695, it would slide towards 690. On the flip side a move above 706 would open the upside in the metal towards 711.
• MCX aluminium is expected to hold the support nest 201 and move
towards 204 mark.
Energy Outlook
• NYMEX Crude oil is expected to holds its ground above the $85 mark, amid move towards the $89 mark amid ongoing tension in Middle east and as slew of economic data from China indicated that economy has started to show signs of stabilizing. Further, bigger than expected draw in US crude stocks amid worries about supply disruption would also help the oil prices to remain firm. Meanwhile, increasing probability of sanction relief on Venezuela could prevent oil prices to go beyond the $89 mark.
• MCX Crude oil November is likely to hold the supports near 7050 and rise towards 7300. Only close below 7050 it would slide towards 6960.
• MCX Natural gas is expected to face the hurdle near 262 and weaken
towards 250 amid the forecast of milder US weather.
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