MCX Silver is expected to rise towards 74,200 level as long as it sustains above 72,600 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to rise further towards $1992 level as long as it sustains above $1972 levels amid weak dollar and decline in US treasury yields across curve. Dollar and yields will tumble further as recent CPI and PPI data from US signaled that price pressure is ebbing and Job data showed a cooling labor market, cementing expectation that US Fed is done with hiking interest rates and may go for rate cut in early 2024. Additionally, demand for safe haven may increase on ongoing tension in Middle East.
• MCX Gold prices is likely to move north towards 61,100 level as long as it trades above the support level of 60,400 levels
• MCX Silver is expected to rise towards 74,200 level as long as it sustains above 72,600 level.
Base Metal Outlook
• Copper prices are expected to trade with negative bias amid weak global market sentiments and as worries about demand in top metals consumer China was reinforced after new home prices fall for a fourth month in October. Additionally, prices may slip on expectation of disappointing housing data from US
• MCX Copper is likely to dive towards 702 level, as long as it stays below 714 level. A move below 702 would open the doors towards 698 levels.
• MCX aluminium is expected to move down towards 203.0 level as long as it stays below 205.50 level
Energy Outlook
• NYMEX Crude oil is expected to find the support near $72.00 and move north towards $74.50 levels on weak dollar and fears over supply disruption due to rising conflict in Middle east. Additionally, market participants speculate that Saudi Arabia and Russia may extend its voluntary output cut beyond December 2023. Meanwhile, sharp upside may be capped on concerns over waning demand in the US & China and rising inventories. MCX Crude oil is likely to find support near 5950 levels move north towards 6250 levels.
• MCX Natural gas is expected to slip towards 248 level as long as it trades below 260 level as EIA reports a 60 Bcf increase in underground storage last week, above expectations for 38 Bcf rise
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