MCX Silver is expected to follow gold and rise back towards 73,500 level as long as it sustains above 71,800 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to hold the support near $2015 and rise towards $2050 level amid weakness in dollar and decline in US treasury yields across curve. Yields took a nosedive as recent batch of economic data from US signaled that economy is cooling. Further, New York Federal Reserve report showed consumers expect lower inflation over next several years. In its latest Survey, the New York Fed said inflation one year from now is expected to be at 3%, the lowest reading since January 2021. Additionally, demand for safe haven may increase on escalating tension in Middle East.
• MCX Gold prices is likely to move north towards 62,500 level as long as it trades above the support level of 61,900 levels
• MCX Silver is expected to follow gold and rise back towards 73,500 level as long as it sustains above 71,800 level.
Base Metal Outlook
• Copper prices are expected to trade with positive bias amid weakness in dollar and rise in risk appetite in the global markets. Dollar is showing weakness as lower inflation expectation reinforced bets for slew of rate cuts from Fed this year. Further, decline in inventories at LME registered warehouses would be supportive for prices. Additionally, Chinese authorities hints at more easing with possible reserve ratio cut
• MCX Copper January is expected to rise further towards 725 level as long as it stays above 717 level. A move above 725 would open the doors towards 728 levels.
• Aluminum is expected to hold the support near 203 level and rise towards 205 levels.
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