23 July, 2014 08:57 IST
News
MCX Gold may trade in range of 31,600-31,800: SMC Global
Source: IRIS (20-NOV-12)
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Broking firm SMC Global gave following outlook on bullions, base metals and energy segments:

Bullions: Bullion counter may remain in range as investors will keep close eye on the EU zone finance ministers meeting later today. The meeting will discuss on when to disburse the next tranche of bailout money to cash starved Greece, and on what terms Greece will be held in order to receive the money. If EU officials write off Greek debt, then other financially troubled EU countries would likely want the same. Meanwhile some strength in domestic currency rupee will cap the upside in MCX. Weak dollar index is also supporting the bullions complex. On domestic bourses Gold can trade in range of 31,600-31,800 while Silver can trade in range of 61,000-61,800 in near term.

Base Metals: Base metals counter may trade sideways with upside bias as investors will eye the US housing starts data later today. Copper can test 430 in MCX while Lead can trade in range of 119.50-121.50 while Zinc may trade in range of 105-106. Copper rose on Monday to its highest price in more than two weeks as upbeat US housing data and signs lawmakers there would avert a looming fiscal crisis encouraged expectations of economic growth and higher metals demand. There's a bit more optimism surrounding the fiscal cliff (and) there's been some relief from what looks like a smooth power transition in China. Nickel may also trade in range of 880-905 in MCX and Aluminium can also trade in range of 106.50-108.
 
Energy: Crude oil counter may witness some profit booking while natural gas may bounce back from lower levels due to favorable weather. Crude oil can trade in range of 4,900-4,980 while Natural gas can trade in range of 205-208 in MCX. Oil traded near the highest price in a month in New York on concern that Middle East unrest will disrupt supplies, countering speculation that stockpiles rose a third week in the U.S. World leaders including President Barack Obama have called for an end to the escalating conflict between Israel and the Islamist Hamas movement. Israel deployed tanks near the border, threatening the first ground invasion of Gaza since an assault that began in December 2008 and left more than 1,100 Palestinians and 12 Israelis dead.
 

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