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MCX Natural gas is expected to dive towards 248 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 $1942 levels and rise back towards $1970 level amid soft dollar and decline in US treasury yields. Yield’s are moving south on rising confidence that US Fed is done with its rate hike campaign. Additionally, demand for safe haven may increase on rising conflict in Middle East. Meanwhile, investors will remain vigilant ahead of US Fed Chair Powell speech to get more cues on interest rate trajectory
• MCX Gold prices is likely to move north towards 60,300 level as long as it trades above the support level of 59,800 levels
• MCX Silver is expected to rise back towards 72,000 level as long as it sustains above 70,500 level.
Base Metal Outlook
• Copper prices are expected to trade with negative bias amid weak global market sentiments. Further, prices may slip as disappointing economic data from China points uneven recovery and China's property sector has yet to emerge from a deep slump. CPI and PPI data showed persistent deflationary pressures in the world’s second largest economy.
• MCX Copper is likely to dive towards 698 level, as long as it stays below 712 level. A move below 698 would open the doors towards 695 levels.
• MCX aluminium is expected to slip further towards 206.50 level as long as it stays below 208.50 leve
Energy Outlook
• NYMEX Crude oil is expected to slip further towards $74.0 as long as it trades below $77 amid fragile global market sentiments and concern over slowdown in global crude demand following disappointing economic data from major economies. Additionally, fresh economic data from China signaled that economy is loosing momentum, feeding worries about the energy demand outlook Further, prices may slip on waning concerns over supply disruptions from the Hamas-Israel war. US EIA has delayed release of weekly oil inventory data, until Nov 15 to complete a systems upgrade. MCX Crude oil is likely to slip further towards 6120 levels as long as it trades below 6420 levels.
• MCX Natural gas is expected to dive towards 248 level as long as it trades below 265 level
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