MCX Natural gas December futures is expected to face the hurdle near 230 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
* Gold is expected to find support near $2017 andmove higher towards$2070,amidsoftness inthedollarandUStreasuryyields. The increasingprobabilityof ratecut inMarchby theUSFederal reserveswouldsupport thebullions tohold itsground.Asper the CMEFed-Watchtollprobabilityof ratecut inMayhasmovedupto 61%from55%. Further, expectationof lower jobopeningnumbers couldalsoprovidesupporttothebullions.
* MCXgoldFebruary is expected to find support near 62000, and reboundtowards63000.Onlyclosebelow62,000itwouldweaken towards61600.
* MCXsilver islikelytofindsupportnear75500andreboundtowards 77500. Only closebelow75500, wouldweaken theprice further towards74400.
Base Metal Outlook
* Copperpricesareexpectedtoregain itsstrengthandmovehigher amidsupplyconcernsand improvedeconomicnumbersfromChina. The Caixin Service PMI has improved to 51.50 against previous readingof50.40.Further, investorswillkeepaneyeonkeyeconomic numbersfromEurozoneandUStogetmoreclarityonpricetrend.
* MCXCopperDecember islikelytofindsupportnearthe10-dayEMA at717andreboundtowards725.Onlyclosebelow717, itwouldturn weakertowards712
* MCXAluminiumDecember isexpectedtoface thehurdlenear202 andmovelowertowards198.
Energy Outlook
* NYMEX Crude oil prices are expected to face the hurdle near $75.50 and remain under pressure amid uncertainty over production cut by OPEC+. Further, higher production from US would also check the upside in oil prices. Meanwhile, reemergence of geopolitical tension in Middle east again stoked supply concerns, which could limit the downside in the oil prices.
* MCX Crude oil is likely to weaken towards 6050, as long as it remains under 6350. Only move below 6050 would open the doors towards 5950
* MCX Natural gas December futures is expected to face the hurdle near 230 and move lower towards 218 amid mild weather forecast in US.
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