MCX Silver is expected follow the yellow metal and likely to rise towards 70500 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to move higher towards $1880, as long as it holds above $1844. The softness in the US dollar index and safe haven buying in the amid on going conflict between Israel and Gaza would support the prices to trade higher. Further, dovish comments from the Fed members would also support the bullionsto hold its gains.
• MCX Gold prices is likely to rise towards 57900 as long as it holds the key support 57200. Above 57900, it would open the doors towards 58,200 level.
• MCX Silver is expected follow the yellow metal and likely to rise towards 70500, as long as it holds above 68500 level. Above 70500, 71200 would act as major resistance for price
Base Metal Outlook
• Copper prices are expected to trade higher amid retreat in the dollar. Further, opening of the Chinese markets after the week long holiday could bring back the buyers back to the action. However higher inventories and weaker data from China could restrict the upside in the metal.
• Latest data from China showed average daily home sales during the holiday were down 17%, based on floor area, compared with last year.
• MCX Copper is expected to find support near 706 and move higher towards 715.
• MCX aluminium is expected to hold support near 205 and move north towards 208.50 level.
Energy Outlook
• NYMEX Crude oil is expected to hold its gains above the $84 mark and move higher towards $88 amid rising geopolitical risk in the Middle East. The greatest risk is conflict contagion further into the region. Meanwhile, any prospects of Iran’s potential involvement could raise the risk of additional sanction which would further disrupt the oil supplies.
• MCX Crude oil is likely to move find support near 7050 and rise back towards 7300 level
• MCX Natural gas is expected to find support near 274 and rise towards 285 level amid forecast of below normal temperature in US that would boost heating demand for natural gas.
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