MCX Silver Sep is expected to dip towards Rs 110,200 level as long as it trades below Rs 113,000 level - ICICI Direct
Metal’s Outlook
Bullion Outlook
• Spot Gold is expected to dip further towards $3300 level on strong dollar and rise in U.S treasury yields. Further, recent CPI data showed price pressure continued to rise, giving more space to Federal Reserve to hold interest rates steady for longer duration that previously expected. As per CME FedWatch tool probability of rate cut in September has decline to 53.5% compared to 58.9% a day ago and 60.8% a week ago. Additionally, investors will be carefully monitoring producer price data for signs of an impact from tariffs. Meanwhile, demand for safe haven may increase on uncertainty over trade policies. As per media reports, EU readied retaliatory measures should talk with U.S go sideways
• Spot gold is likely to slip towards $3300 level as long as it stays below $3365 level. MCX Gold Aug is expected to slip towards Rs 96,500 level as long as it stays below Rs 98,000 level
• MCX Silver Sep is expected to dip towards Rs 110,200 level as long as it trades below Rs 113,000 level.
Base Metal Outlook
• Copper prices are expected to trade with a negative bias on strong dollar and on fears of escalating trade tension between U.S and its major trading partners. Investors are worried that tit for tat approach increased the risk of broader global trade war, which may have adverse effect on economic growth denting demand for industrial metal. Additionally, prices may slip further amid rise in inventories at LME registered warehouses. Moreover, China economy so far has avoided sharp slowdown due to policy support but investors are worried over second half as exports may lose momentum due to higher tariffs and consumer confidence remain low
• MCX Copper July is expected to slip further towards Rs 874 level as long as it stays below Rs 890 level. A break below Rs 874 level prices may slide further towards Rs 870 level
• MCX Aluminum July is expected to dip towards Rs 246 level as long as it stays below Rs 250 level. MCX Zinc July is likely to move south towards Rs 253 level as long as it stays below Rs 258 level.
Energy Outlook
• Crude oil is likely to slip further towards $65.5 amid strong dollar and weak global market sentiments. Furthermore, prices may dip on renewed concerns over trade war as it jeopardizes global economic growth and sap global fuel demand. Additionally, concerns over disruption in oil supply eased as US President Donald Trump refrained from harsher and immediate actions against Russia. He just threatened Russia if it does not agree with ceasefire. Moreover, as per API figures US Crude oil inventories rose by about 19.1M barrels for the week ending 11th July 2025. Further, all eyes will be on official government crude oil inventory report
• MCX Crude oil Aug is likely to slip further towards Rs 5550 level as long as it stays below Rs 5800 level.
• Natural gas prices likely to continue with its up move on forecasts for hotter weather. MCX Natural gas July is expected to rise towards Rs315 level as long as it stays above Rs 290 level.
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