MCX Natural Gas May future is expected to hold the support at 160 and move higher towards 174 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
* Spot gold is expected to face the hurdle near $2330 and move towards $2280 amid growing bets that the Federal Reserve will hold the rates higher for longer. Meanwhile, expectation of better job growth number in US and growth in the service sector would lower the probability of rate cut. Today the focus will remain on key US Non-farm payroll numbers, which could bring more clarity in the price trend.
* MCX Gold June is expected to face the resistance near 71300 and move towards the key support at 70300. Only close below 70300, it would turn weaker and slide further towards 69800.
* MCX Silver July is expected to consolidate in the band of 82200 and 80200. Only a move below 80200 would open the doors towards 79200. On the upside, above 82200, key resistance exists near 83200.
Base Metal Outlook
* Copper prices are expected to regain its strength amid tight supplies and hopes of fresh round of measures from China. In its latest meeting the officials aimed to keep the policy rates flexible to support the economy. Further, improved risk sentiments and optimism from the Chinese property sector would boost the prices to stay elevated. Meanwhile, investors will remain cautious ahead of the key US job data which could bring more clarity on the future move from the Fed.
* For the day MCX Copper May is likely to hold the support near 840 and move higher towards 855. Only a move below 840, it would turn weaker and test the next support at 833.
* Aluminum May future is expected to face the hurdle near 234 and move towards 228.
Energy Outlook
* NYMEX Crude oil is expected face the hurdle near $81 and move lower towards the $78 on growing prospects of ceasefire between Israel and Hamas and higher US crude oil inventory. Ceasefire talks in Cairo tempered the fears of wider Middle East conflict and lowered the risk premiums in the oil prices. Further, declining gasoline demand ahead of key summer driving season would also weigh on oil prices. Meanwhile, focus will remain on key US Non-farm payroll numbers which could give further clarity on the future rate path from Fed.
* MCX Crude oil May future is expected to face the hurdle near 6700 and move towards the immediate support at 6500. Only a move above 6700 it would turn bullish.
* MCX Natural Gas May future is expected to hold the support at 160 and move higher towards 174.
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