MCX Natural gas is expected to dive towards 280 level as long as it trades below 295 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely rise back towards $2000 levels as long as its sustains above $1975 level as dollar is losing its steam after US Federal Reserve kept its policy unchanged for 2 nd consecutive time reinforcing expectations that Fed is done with raising its policy rate. Further, demand for safe haven may increase on fear that conflict between Hamas and Israel is escalating and may spill over and trigger another multi-front war in the region. Moreover after Jordan, Bahrain recalled its ambassador to Israel and cut all economic ties with country
• MCX Gold prices is likely to move north towards 61,200 level as long as it trades above the support level of 60,600 levels
• MCX Silver is expected to rise further till 72,000 level as long as it sustains above 70,700 level.
Base Metal Outlook
• Copper prices are expected to trade with positive bias on weak dollar, decline in LME and SHFE stocks and rise in risk appetite in the global markets. Dollar to stay on backfoot as investors bet that US Fed is most likely done with rate hike campaign. Meanwhile, investors will remain cautious ahead of US non-farm payrolls report due today to get more cues on interest rate trajectory.
• MCX Copper is likely to rise towards 715 level, as long as it stays above 705 level. A move above 715 would open the doors towards 720 levels
• MCX aluminium is expected to rise back towards near 207 level as long as it stays above 205.0 level
Energy Outlook
• NYMEX Crude oil is expected to hold the support near $81.0 and rise back towards $84.0 level amid weakness in dollar and on worries that rising conflict in Middle East could disrupt supply. Additionally, Job figures from US are likely to indicated that labor market is cooling down gradually, which could ease pressure on inflation; providing room for Fed to forgo rate hike campaign. Moreover, top oil exporter Saudi Arabia is expected to reconfirm an extension of its voluntary oil-output cut of 1 mbpd through December
• MCX Crude oil is likely to hold support near 6750 levels and move north towards 7000 levels.
• MCX Natural gas is expected to dive towards 280 level as long as it trades below 295 level
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