MCX Natural gas September is expected to face resistance near Rs 272 level and dip towards Rs 264 level - ICICI Direct
Metal’s Outlook
Bullion Outlook
• Spot Gold is expected to find support near $4550 and rise towards $4700 level on soft dollar and safe haven buying. Further, prices may find support as U.S. Treasury Secretary Scott Bessent said he may further increase the governments repurchases of Treasuries. As per CME Fedwatch Tool, traders are pricing in a 60% chance that Fed will keep interest rates unchanged and a 39% chance of a rate hike in September. Meanwhile, investors will keep an eye on July Personal Consumption Expenditures price index and Fed Chair Warsh's speech later this week for further cues on U.S rate outlook.
• MCX Gold October is expected to find support near Rs 160,500 and rise towards Rs 164,500 level.
• MCX Silver September is expected to move in a wide range between Rs 240,000 and Rs 250,000 level. Only a move above Rs 250,000, it would rise towards Rs 253,000 level.
Base Metal Outlook
• Copper prices are expected to trade higher as tight physical supply continued to underpin prices. Further, prices will support on weak dollar. Additionally, Chile also expects copper output to decline this year as ongoing disruptions continue to weigh on mines and development projects. Copper market remains vulnerable after months of outflows, partly due to metal being diverted to the US ahead of anticipated tariffs. Meanwhile, Investors are awaiting the official announcement regarding U.S. tariffs on imported refined copper.
• MCX Copper August is expected to find support near Rs1375 level and rise towards Rs1395 level. Only a move above Rs1395 level, it will rise towards Rs1400 level.
• MCX Aluminum August is expected to resistance near Rs 350 level and dip towards Rs 344. MCX Zinc August is likely to find support near Rs 400 level and rise towards Rs 410 level.
Energy Outlook
• NYMEX crude oil expected to move in a range between $84 and $88 level ahead of an expected announcement from U.S on additional sanctions against Iran. Further, US Treasury Secretary Scott Bessent said U.S would impose the toughest sanctions in history, describing the measures as an unprecedented campaign of economic isolation designed to pressure Iran and its trading partners into compliance. Meanwhile, markets remain uncertain whether additional economic pressure would change Iran’s behavior, noting that the country still has significant capabilities to disrupt regional flows
• MCX Crude oil September is expected to move in wide range between Rs 8100 and rise towards Rs 8400 level.
• MCX Natural gas September is expected to face resistance near Rs 272 level and dip towards Rs 264 level.
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