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MCX Silver March is expected to remain in the range of 69,800 and 71,200 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is expected to face the hurdle near $2040 and move towards $2020 amid strong US dollar. Diminishing probability of early rate cut by the Fed would limit its upside. The probability of May rate cut has dipped below 25% suggesting no rate cut in the first half of 2024. Meanwhile, investors will eye on key US core PCE price index and GDP numbers this week to get more clarity on future interest rate path. However, safe haven buying due to the ongoing tension in the Mideast and Ukraine would limit its downside.
• MCX Gold April price is expected to face resistance near 62,550 and move lower towards 61,900. Only close below 61,900 it would turn weaker and slide towards 61,500.
• MCX Silver March is expected to remain in the range of 69,800 and 71,200
Base Metal Outlook
• Copper prices are expected to trade lower amid weak industrial demand from China and sluggish growth in the property sector. Further, contraction in the manufacturing activity in the region for the last four consecutive months would also weigh on the metal. Meanwhile, depleting LME inventories would provide some cushion to the prices.
• MCX Copper March is expected to face the hurdle near 736 and dip towards 726. Only close below 726 it would weaken towards 722.
• Aluminum March future is expected to dip towards 195, as long as it trades under the 200 mark.
Energy Outlook
• NYMEX Crude oil is expected to move south towards $75 amid demand concerns from China. Further, diminishing prospects of early rate cut by the Fed and higher crude oil production from US would weigh on the oil prices. Meanwhile, supply disruption due to unrest in the Mideast and tension in the Red Sea would prevent sharp fall in prices.
• MCX Crude oil March is expected to dip towards 6280, as long as it trades under 6480. Close below 6280 would weaken further towards 6150.
• MCX Natural gas March futures is expected to find support near 140 and move higher towards 155 on the prospects of production cut by major producers in US.
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