MCX Natural gas is expected to dive towards 245 level as long as it trades below 265 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to hold the support near $1945 levels and rise back towards $1975 level as US Fed Chair Powell comments did not signify anything new, he reiterated the same thing, and as per the CME Fedwatch tool market is pricing in almost no chance of rate hikes in upcoming meeting. Moreover, some Fed officials said US economy still hasn’t felt the full effect of past interest rate increases, suggesting more slowing is yet to come. Additionally, demand for safe haven may increase on rising conflict in Middle East. MCX Gold prices is likely to move north towards 60,600 level as long as it trades above the support level of 60,000 levels
• MCX Silver is expected to rise back towards 72,500 level as long as it sustains above 71,000 level.
Base Metal Outlook
• Copper prices are expected to trade with negative bias amid strong dollar and weak global market sentiments. Further, prices may slip as disappointing economic data from major countries across globe has raised concerns over global economic slowdown, which may dent demand for industrial metal. Meanwhile, on supply side investors fear that Global supplies could tighten further if the Zambians truckers join counterparts in the Democratic Republic of Congo in an ongoing strike. MCX Copper is likely to dive towards 700 level, as long as it stays below 710 level. A move below 700 would open the doors towards 695 levels.
• MCX aluminium is expected to slip further towards 205.50 level as long as it stays below 208.0 level
Energy Outlook
• NYMEX Crude oil is expected to slip further towards $74.50 as long as it trades below $77 amid pessimistic global market sentiments and strong dollar. Further, massive weekly jump in crude oil inventories signals cooling in US fuel consumption. Furthermore, signs of global economic weakness will hurt oil prices. Additionally, prices may slip on waning concerns over supply disruptions from the Hamas-Israel war.
• MCX Crude oil is likely to slip further towards 6200 levels as long as it trades below 6500 levels.
• MCX Natural gas is expected to dive towards 245 level as long as it trades below 265 level
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