MCX Gold prices is likely to rise towards 59700, as long as it holds the support 58800 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to find support near $1900 and rise towards $1945 amid weakness in the dollar and persistence of safe haven appeal in the bullions. Increasing tension between Israel and Gaza would support the bullions to hold its ground. Further, expectation of weaker economic numbers from the US would support the bullions to hold above the $1900 mark.
• MCX Gold prices is likely to rise towards 59700, as long as it holds the support 58800.
• MCX Silver is expected to hold the support near 70400 and extend its gains towards 72200.
Base Metal Outlook
• Copper prices are expected to remain under pressure amid weaker demand in major economies and increase in production in South America. Further, expectation of weakness in the Chinese economic numbers would also weigh on the metal prices. Moreover, higher inventory levels would also hurt the prices.
• MCX Copper could face the hurdle near 704 and weaken towards 695. Only close below 695, it would slide towards 690.
• MCX aluminium is expected to weaken towards 202, as long as it 190 trades under 205.50 level.
Energy Outlook
• NYMEX Crude oil is expected to holds its ground above the $85 mark, amid the persistence of uncertainty in the Middle east. Meanwhile, the increasing probability of sanction relief on Venezuela could prevent oil prices to go beyond the $88 mark.
• MCX Crude oil November is likely to hold the supports near 7050 and rise towards 7250. Only close below 7050 it would slide towards 6960.
• MCX Natural gas is expected to face the hurdle near 265 and
weaken towards 255 amid the forecast of above normal
temperature in US.
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