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Bullion Outlook

* Gold prices are expected to dip further amid a firm dollar and rise in US treasury yields. Yields rose on hopes of a 25 bps hike in the next FOMC policy. The probability of a 25 bps hike has jumped above 70% after a better-than-expected US jobs data

* MCX Gold is likely to dip towards 59600-59500 as negative divergence between price and the oscillator indicated a near term correction

* MCX Silver is facing resistance near 75200. As long as it trades under 75200, prices are expected to dip towards the key support near 73800-73200

Base Metal Outlook

*Copper is likely to rebound from its yesterday’s lows as falling global inventories amid refinery maintenance and production disruption would support its bullish outlook. Further, prices may rally on optimism over recovering demand in China

* MCX Copper futures is hovering above the key 50 day EMA support at 763. The bullish crossover of 30 and 50 day EMA would support the metal to rise further towards 772-775

* MCX Aluminium is likely to trade in between 205 and 209

Energy Outlook

* Crude oil prices have been hovering in the 6500-6700 range in the last four trading sessions. It has to move either side of the range to bring more clarity in the direction. Above 6700 it would rally towards 6900-7000. On the downside, a move below 6500 would weaken the price towards 6300

* The outlook for stronger Chinese crude oil demand and ongoing supply worries could support prices to stick to their gains

* Natural gas futures are likely to trade with a positive bias amid expectation of a rise in demand from power plants. MCX Natural Gas April future is expected to hold the support of 174 and rise towards 186-188

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