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Metal’s Outlook

Bullion Outlook

* Spot gold is expected to face the hurdle near $2335 and move towards the initial support at $2290 amid reduced safe haven demand. Further higher treasury yields would also cap its upside. The focus will remain on the US advance GDP numbers , which could bring further clarity in future rate path. Better than expected growth numbers would push the odds of rate cut lower and weigh on the bullions. Furthermore, positive risk sentiments and diminishing probability of rate cut would limit the upside in the bullions.

* MCX Gold June is expected to face the hurdle near 71500 and move lower towards 70600. Only close below 70600, it would turn weaker and slide further towards 70000.

* MCX Silver May is expected to face the resistance at 81400 and move lower towards 79400. Only a move below 79400, it would open the doors towards 78200.

Base Metal Outlook

* Copper prices are expected to hold its gains and trade higher amid tight supplies. Depleting inventory in the global markets after the move from the US and UK to restrict the Russian bound metals to the exchange warehouses would keep prices to stay higher. Further, improved risk appetite on expectation of improved economic data from US would also support the base metals to hold its gains.

* For the day MCX Copper May is expected to find support near 844 and move towards 855. Only close below 844 it would weaken towards 838.

* Aluminum is expected to face the hurdle near 241 and move towards the support near 234.

Energy Outlook

* NYMEX Crude oil is expected to find support near $81 and move back towards the $84 mark amid risk of expanding conflict in the Middle East after Israel continued its attack on northern Gaza strip for the second day in a row. Further, sanction on Iran would hurt the global supplies. Moreover, hopes of better demand from US ahead of summer driving season would provide necessary support to the oil prices. On the other hand, higher for longer interest rate outlook by the Fed would check any major upside in price.

* MCX Crude oil May future is likely to hold the support near 6750 and move back towards 7000. Only a sustained move above 7000 it would rise towards 7100 mark.

* Natural gas is expected to remain under pressure amid forecast of mild US temperature and elevated inventories. MCX May future is expected to face the hurdle near 176 and move lower towards 164.

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