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Bullion Outlook

* Gold prices may remain under pressure amid rising treasury yields. The probability of a 25 bps hike has been holding above 85%, which could support the dollar to strengthen and limit the upside in the bullion

* MCX Gold is likely to move between 59600 and 60650. The 20-day SMA could provide some support to price whereas the negative divergence between price and oscillator RSI could limit it to go beyond 60650. Only a close below 59600 would weaken the trend towards 59100

* MCX Silver is likely to trade in a range of 74200-76200. The trend would turn bearish only with a close below 74200

Base Metal Outlook

* Copper is expected to face a hurdle near the 785 zone amid rising doubts over the economic recovery of the world’s top consumer China. However, falling inventories at LME and SHFE could support the metal to stay on a firmer note

* MCX Copper April future is expected to hold the support near 770 and rise towards 784-785. The trend would turn bearish if it moves below 770

* MCX Aluminium is expected to keep its bullish bias and move towards 215.50. A move above 215.50 would push prices further towards 218. Key support for price holds near 212-211

Energy Outlook

* Crude oil futures are anticipated to weaken further amid expectation of a stricter central bank policy. The higher inflation numbers in eurozone and UK could force the ECB and BoE to stick to its rate hike regime. Further expectation of a 25 bps hike by the Fed in in its next policy could also weigh over the oil price. MCX Crude oil could slip further towards 6420-6400 as long as it trades under 6700

* Natural gas futures are likely to find support near the 20 day EMA at 178 and move higher towards 190 amid expectation of cool weather in most states in the US

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