Bullion counter can continue to tad lower as surging dollar index and fear of faster interest rate hike by Fed to tackle rising inflation is keeping the prices under pressure. Gold can test 48800 while taking resistance near 49300 while Silver can move towards 55000 while taking resistance near 56000.
Bullion counter can continue to tad lower as surging dollar index and fear of faster interest rate hike by Fed to tackle rising inflation is keeping the prices under pressure. Gold can test 48800 while taking resistance near 49300 while Silver can move towards 55000 while taking resistance near 56000. Minneapolis Federal Reserve Bank President Neel Kashkari said on Tuesday U.S. central bankers are united in their determination to do what is needed to bring inflation down, and financial markets understand that. Meanwhile, Chicago Fed President Charles Evans said the central bank will need to raise interest rates to a range between 4.50% and 4.75%.
In base metal counter, Copper can trade with weaker bias as it can move in range of 615-625. In 2022, various factors cast different impacts on both the supply and demand sides of copper concentrate, and the disruption on the demand side was much deeper. Mine production was hindered to varying degrees by the decline in ore grades of mainstream mines in South America, the community protests against Las Bambas production, and the increasingly stringent environmental protection policies in South America. In 2022, the negative impact of unexpected disruptions on smelters is greater than that on the mines, thus the TCs of spot copper concentrates edged higher. Zinc may dip further as it can test 255 while taking resistance near 265 in MCX. Aluminum can remain subdued as it can test 184 in MCX.
Crude oil may dip lower on stronger dollar and global recession fears but U.S. production cuts caused by Hurricane Ian can cap the downside. Overall as it can test 6200 while taking resistance near 6500. Producers began returning workers to offshore oil platforms after shutting in output ahead of Hurricane Ian, which entered the U.S. Gulf of Mexico on Tuesday and is forecast to become a dangerous Category 4 storm over the warm waters of the Gulf. While U.S. crude oil in storage rose by about 4.2 million barrels for the week ended Sept. 23, according to market sources on Tuesday citing figures from industry group the American Petroleum Institute, gasoline inventories fell by about 1 million barrels. Natural gas prices may remain on sideways path as it can move in range of 560-600 in MCX.
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