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Metal`s Outlook

Bullion Outlook

• Gold prices are likely to trade with a negative bias for the day amid a strong US dollar. Meanwhile, sharp downside may be prevented as US Treasury Secretary Janet Yellen urged Congress to raise the $31.4 trillion federal debt limit and avert an unprecedented default that would trigger a global economic downturn

• MCX Gold prices are likely to trade in downward trend towards the level of 60,300, as long as it sustains below the level of 61,300

• MCX Silver is expected to continue its downward trend towards the level of 72,000

MCX Gold vs. Silver Performance

Base Metal Outlook

• Copper prices are expected to trade with a negative bias amid a continuous rise in copper inventories at LME registered warehouses. Further, copper prices may be pressurised as a sluggish economic recovery in top consumer China exacerbated worries over the demand outlook

• MCX Copper is likely to continue its downward trend towards the level of 720 as long as it trades below the key resistance level of 735

• MCX Aluminium prices are likely to continue their downward trend towards the level of 204

MCX Copper vs. Aluminium Performance

Energy Outlook :

Energy Outlook

• Crude oil prices are expected to trade with a negative bias for the day amid uncertainties regarding US debt ceiling and renewed fears over US regional banking crisis. Further, crude oil prices may slip on weak demand from the top crude oil importer China

• MCX Crude oil prices broke the level of 9 DMA at 5900 to trade in downward trend. It is likely to break the level of 5770 to continue its downward trend toward the level of 5670

• MCX Natural gas prices is expected to continue its downward trend towards the level of 172

MCX Crude Oil vs. Natural Gas Performance

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