MCX Silver is expected to slip further till 69,750 level as long as it sustains below 71,300 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely face the hurdle near $1980 levels and slip further towards $1960 level amid firm dollar. Further, investors will remain cautious ahead of comments from US Fed Chair Powell to get more clarity on interest rate outlook. Meanwhile, demand for safe haven may increase as investors are concerned that rising tension between Hamas and Israel may escalate into wider conflict in Middle East
• MCX Gold prices is likely to move south towards 60,000 level as long as it trades below the resistance level of 60,600 levels
• MCX Silver is expected to slip further till 69,750 level as long as it sustains below 71,300 level.
Base Metal Outlook
• Copper prices are expected to trade with negative bias amid firm dollar and broader risk-off tone across markets. However, sharp downside may be cushioned on optimism that China will accelerate the issuance and use of government bonds to support economic growth.
• MCX Copper is likely to dive towards 704 level, as long as it stays below 714 level. A move below 704 would open the doors towards 698 levels.
• MCX aluminium is expected to rise further towards 210.0 level as long as it stays above 207.0 level
Energy Outlook
• NYMEX Crude oil is expected to slip further towards $75.50 as long as it trades below $78 amid firm dollar and steep build up in US Crude supplies. As per API figures US crude oil stockpiles rose by almost 12 million barrels last week. Further, mixed economic data from China raised worries about demand or crude. Additionally, EIA now expects total petroleum consumption in the country to fall by 300,000 bpd this year, reversing its earlier forecast of a 100,000 bpd increase. Meanwhile, investors fear over supply disruption amid escalating tensions in Middle East.
• MCX Crude oil is likely to slip further towards 6350 levels as long as it trades below 6650 levels
• MCX Natural gas is expected to dive towards 255 level as long as it trades below 270 level
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