MCX Silver is likely to find the support near 72000 and move higher towards 73500 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold is expected to hold its ground and move towards $2010, as long as it holds above the $1980 mark. The softer dollar and forecast of weaker economic numbers from US could provide necessary strength to the precious metal to trade with positive bias. Further, increasing hopes of pause in the interest rate hike cycle would also support the bullions. The CME Fed Watch toll indicates nearly 0% probability of rate hike in Dec and Jan meeting and more than 44% probability of rate cut in May 2024.
• MCX gold is expected to find support near 60740 and move higher towards 61400. Only close below 60740 would open the downside towards 60400.
• MCX Silver is likely to find the support near 72000 and move higher towards 73500
Base Metal Outlook
• Copper prices are expected to trade with a positive bias amid softness in the dollar and hopes of fresh round of stimulus from China to stabilise its property market. Again, supply concerns due to protest at Panama port would also help the metal to trade with a positive bias. Meanwhile, traders will focus on US manufacturing numbers today.
• MCX Copper December is likely to find support near 718 and move higher towards 726. Only close below 718, it would weaken towards 714.
• MCX Aluminium December is expected to hold the support near 203 and move back towards 207.
Energy Outlook
• NYMEX Crude oil prices are expected face the hurdle near the $78 mark and weaken further towards $74 amid expectation that the OPEC+ might not deepen output cuts next year after the disagreement among the members. Further sign of abundant supply from the Non-OPEC nations and lacklustre demand from Europe could hamper the demand outlook.
• MCX Crude oil is likely to face the resistance near 6510 and weaken towards 6300. Below 6300 it would slide further towards 6200.
• MCX Natural gas December futures is expected to move inside the range of 250-262. Only a move above 262 would open the doors towards 270.
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