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Spot gold has formed a bullish engulfing pattern after rebounding from the 100 day EMA at $2530, which could support the bullions to trade higher - ICICI Direct
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Bullion Outlook
* Spot gold is to expected to extend its rebound towards $2635 amid retreat in the US dollar and moderation in treasury yields. Dovish comments from the Fed member Goolsbee has relieved the concerns of a monetary easing halt, which is likely to provide more support to the bullions to trade higher. Additionally , escalating geopolitical tension and risk off sentiments could provide some support to the bullions. Now, focus will remain on speech from the Fed members and key economic number from US which could bring further volatility in price.
* Spot gold has formed a bullish engulfing pattern after rebounding from the 100 day EMA at $2530, which could support the bullions to trade higher. MCX Gold December is expected to rise towards 76,000 as long as it holds above 74,500.
* Spot Silver is likely to hold the support of 100 day EMA at $30.60 and rise towards $31.60. MCX Silver is expected to move towards 92,000, as long as it holds above 89,000.
Base Metal Outlook
* Copper prices are expected rebound from its multi month lows amid growing bets of Fresh round of stimulus from China. Further, expectation of lower short term interest rates could also provide some support to the metal. Meanwhile, higher inventory levels and persistent demand concerns from China would check its upside. Moreover, growing speculation over new tariff policies from US could hurt the recovery in base metals.
* MCX Copper November is expected to hold above 792 and rebound towards 812. Only above 812 it would turn bullish towards 820.
* MCX Aluminum Nov is expected to find the support near 238 and rise towards 244. But rising inventory levels and diminishing supply concerns would limit its upside.
Energy Outlook
* NYMEX Crude oil is expected to hold the support near $66 and rebound towards $70 amid escalating geopolitical tension between Russia and Ukraine. Further, improvement in crack spread indicates demand growth of the by products, which could increase the demand from refiners. Further, supply outage from key oil fields in Norway would provide support to oil price. Meanwhile, demand concerns from China would limit its upside.
* MCX Crude oil December is likely to hold the support near 5650 and rise towards 5900. Only above 5900 it would rise towards 6000.Formation of bullish engulfing pattern indicates it to regain its strength and move higher towards 6000.
* Natural gas November is expected to hold above 233 and move higher towards 250. A reduced drilling activity and forecast of colder weather would provide support to price.
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