MCX Silver is expected to rise towards 74,100 level as long as it sustains above 72,700 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to rise back towards $1992 level as long as it sustains above $1970 levels amid weak dollar and soft US treasury yields. Dollar is taking back foot after recent economic data from US signaled that economy is cooling, cementing expectation that US Fed is done with hiking interest rates. Now investors focus on how soon Fed would begin easing monetary policy. Additionally, demand for safe haven may increase on rising tension in Middle east as Israel continued its deadly strikes on Gaza, targeting several areas in enclave.
• MCX Gold prices is likely to move north towards 61,000 level as long as it trades above the support level of 60,400 levels
• MCX Silver is expected to rise towards 74,100 level as long as it sustains above 72,700 level.
Base Metal Outlook
• Copper prices are expected to trade with positive bias amid weak dollar and rise in risk appetite in the global markets. Further, prices may rally on concern over tightening of supply from mines and lower inventories. Further, fresh support from China for its distressed property sector will be positive for copper prices. Meanwhile, China kept its benchmark loan prime rate unchanged near record lows
• MCX Copper is likely to rise further towards 715 level, as long as it stays above 706 level. A move above 715 would open the doors towards 718 levels.
• MCX aluminium is expected to rise back towards 204.50 level as long as it stays above 203.0 level
Energy Outlook
• NYMEX Crude oil is expected to find the support near $75.00 and move north towards $78.00 levels on weak dollar and fears over supply disruption due to rising conflict in Middle east. Additionally, prices may rally on reports that OPEC+ and their allies is set to consider whether to make additional oil supply cuts when it meets on 26 November. Moreover, US oil producers have been cutting the number of active drilling rigs for nearly a year
• MCX Crude oil is likely to find support near 6200 levels and move north towards 6500 levels.
• MCX Natural gas is expected to slip towards 235 level as long as it trades below 250 level amid warmer than normal weather in US and as gas storage rose more than expected
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