MCX Silver is expected to slip further till 71,500 level as long as it sustains below 72,500 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely face the hurdle near $1985 levels and slip further towards $1960 level amid re-bounce in dollar and rise in US treasury yields. Further, investors will remain cautious ahead of comments from bunch of Fed officials this week including US Fed Chair Powell to get clarity on interest rate trajectory. Meanwhile, demand for safe haven may increase on ongoing conflict between Hamas and Israel.
• MCX Gold prices is likely to move south towards 60,300 level as long as it trades below the resistance level of 60,900 levels
• MCX Silver is expected to slip further till 71,500 level as long as it sustains below 72,500 level
Base Metal Outlook
• Copper prices are expected to trade with positive bias on optimism over demand in China following media report that country will accelerate the issuance and use of government bonds. Meanwhile, investors will remain cautious ahead of data from China like exports, imports, consumer price inflation and total social financing to gauge economic health of the country.
• MCX Copper is likely to rise towards 718 level, as long as it stays above 707 level. A move above 718 would open the doors towards 721 levels.
• MCX aluminium is expected to rise further towards 210.50 level as long as it stays above 207.50 level
Energy Outlook
• NYMEX Crude oil is expected to slip further towards $79.50 as long as it trades below $81.50 amid re-bounce in dollar and weak global market sentiments. Further, macroeconomic concerns persist in major economies like US, Europe and China, where PMI data showed slowdown in manufacturing activity. Meanwhile, investors fear over supply disruption amid escalating tensions in Middle East.
• MCX Crude oil is likely to slip further towards 6630 levels as long as it trades below 6880 levels.
• MCX Natural gas is expected to dive towards 265 level as long as it trades below 280 level amid record output and forecasts for mild weather to continue through late November
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