MCX silver is likely to extend its gains towards 76,200, as long as it trades above 74,200 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold is expected to move in the tight range of $2020 and $2048 ahead of the key US inflation data on Friday. Prices may find support near $2020 and move towards the higher end of the range amid softness in the dollar and decline in the treasury yields. Further, increasing probability of 25 bps rate cut in the coming quarter would also support the bullions to hold its ground. Meanwhile, expectation of better GDP numbers would limit the upside in the bullions.
• MCX gold is expected to rise towards 62,650,a s long as it holds above 62,100. Only close above 62,650 would open the doors towards 63,000.
• MCX silver is likely to extend its gains towards 76,200, as long as it trades above 74,200.
Base Metal Outlook
• Copper prices are expected to hold its ground and extend its gains on persistent supply concerns and depleting stocks in the top metal consumer China. Further, recent measures from China to boost the housing market would increase the demand for red metal. Additionally, increasing bets of Fed rate cut in the coming year would also support the demand outlook in the red metal. Meanwhile, investors will keep an eye on key economic numbers from the US and China to get more clarity on price trend.
• MCX Copper December is expected to move towards 731, as long as it holds above the 721 mark.
• MCX Aluminium is expected to move in the range of 202-205. Only close below 202, would weaken towards 200 level.
Energy Outlook
• Crude oil prices are likely to face the hurdle near $75.50 and move towards the initial support at $72 on growing optimism over a potential ceasefire in the Israel-Hamas war. Further, higher crude oil production and rise in oil inventories would hurt oil prices. Meanwhile, worries over trade disruption due to the attacks on the vessel in the Red sea route would limit the downside in oil prices.
• MCX Crude oil January is likely to dip towards the key support near 6050, as long as it trades under the 6300 mark. Only above 6300, price trend would turn bullish.
• MCX Natural gas December future is likely to face the hurdle near 214 and move lower towards 198 amid higher inventory and record production level in US.
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