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MCX silver is likely to hold the support of 50 day EMA at 73600 and rise towards 74,800 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold prices are likely to rise towards $2080 mark, as long as it holds above the $2055 on expectation of softness in the dollar index. Increasing probability of rate cut in 1 st quarter of 2024 would support the bullions to hold its bullish outlook. Further, expectation of contraction in the manufacturing activities in US would also support the bullions to trade higher.
• MCX gold is expected to rise towards 63,600, as long as it holds above 63,000. Only a move above 63,600 would open the doors towards 63,900.
• MCX silver is likely to hold the support of 50 day EMA at 73600 and rise towards 74,800. Only close above 74,800, it would extend its gains towards 75,500.
Base Metal Outlook
• Copper prices are expected to recoup its earlier losses and rise back towards 738 amidst the improvement in the Caixin manufacturing PMI. China’s Caixin manufacturing PMI rose to 50.8 last month brightening the demand outlook of the red metal. Further, depleting stocks in SHFE and persistence supply concerns would help the metal to regain its strength.
• MCX Copper January is expected to rise towards 738, as long as it holds above the 728 level.
• Aluminum is expected to hold the support near 210 and move back towards 214 amid supply concerns.
Energy Outlook
• Crude oil prices are expected to find support $71 and move back towards $75 amid ongoing concerns in the Red Sea. Further, softness in the dollar due to increasing bets of interest rate cuts from the Fed would also support oil prices. Meanwhile, increasing supplies from Non-OPEC nations and slowing demand from China would restrict prices to go beyond the $75 mark.
• MCX Crude oil January is likely to move in the range 5950-6150. Only close below 5950, would weaken it again towards the 5800 mark. Similarly above 6150, it can test 6240.
• MCX Natural gas January future is likely to rise towards 224 mark as long as it holds above the 206 level. Forecast of colder weather in US would support the prices to hold its gains.
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