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Bullion Outlook

• Gold prices are likely to trade with a negative bias amid firm US dollar and rise in US treasury yields. Yields are rising in anticipation that rates may remain elevated for longer on signs of persistent strength in labour market. Meanwhile, investors will keep an eye on Core PCE price index to get more cues on interest rate trajectory

• MCX Gold is likely to break the level of 59,270 to continue its downward trend towards the level of 59,000

• MCX Silver is expected to follow the gold movement and break the level of 100 DMA at 70,080 to continue its downward trend towards the level of 69,600

Base Metal Outlook

• Copper prices are expected to trade with a negative bias for the day amid rising copper inventories at LME registered ware houses and firm US dollar. Further, prospects for a quick rebound in China's economy receded, which may hamper base metals demand

• MCX Copper prices are likely to trade in a downward trend towards the level of 696

• MCX Zinc prices are expected to continue their downward trend towards the key support level of 203 as the zinc inventories in LME registered warehouses jumped 40%

Energy Outlook

• Crude oil prices are expected to trade with a negative bias for the day amid strong US dollar and as contradictory messages from Opec+ producers made it difficult to foresee the outcome of meeting scheduled next week. Further, traders will closely watch US Baker Hughes total rig count data, which may give glimpse of future crude oil production in the country

• MCX Crude oil is likely to continue its downward trend towards the level of 5800

• MCX Natural gas is expected to trade in a downward trend towards the level of 195 as long as it sustains below 208 levels

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