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Bullion Outlook

• Gold prices are expected to trade on a weaker note amid rising hopes of a 25 bps hike in the next FOMC meeting. The CME FedWatch tool indicates a 86% probability of rate hike after better than expected US economic data

• MCX Gold is likely to dip towards the key support near 59700(20 DEMA) as negative divergence between price and oscillator RSI would bring long liquidation at higher end of the range. On the upside, 60650-60700 would act as major resistance. Close below 59700 would open the doors for 59300

• MCX Silver is likely to slide towards 74000-73700 as bearish engulfing pattern on the daily charts would limit its upside

Base Metal Outlook

• Copper may rise as China’s economy accelerated in Q1 2023, signalling robust recovery. Further, Copper prices may rally on tight supplies and falling inventories at LME and SHFE

• MCX Copper April future is expected to hold the support of 20- day EMA at 776 and rebound again towards 790-792 levels. Only a close below 776, the trend would turn bearish

• MCX Aluminium is expected to consolidate at 207-211. A move above 211 would push prices towards 212-214

Energy Outlook

• Crude oil futures are expected move in a sideways range of 6550-6780 as a rebound in dollar could limit its upside. In contrast, supply tightness would limit its downside. On the upside, above 6780 the trend will again turn bullish towards 6950-7000

• Natural gas futures are likely to hold their gains above the 180 mark as expectation of cool weather in most states would increase heating demand. MCX Natural gas could rise towards key resistance at 192. A move above would bring fresh buying interest and push prices towards 195-200

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