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Bullion Outlook

* Gold prices may find support and move higher amid expectation of weaker set of US housing sector data. Further, forecast of weakness in Richmond manufacturing index and CB consumer confidence numbers would also support the yellow metal to trade higher

* MCX Gold is likely to hold the key support at 59600 and rise towards the initial resistance at 60300.The RSI could provide some support as it hovers above the 54 mark

* MCX Silver is hovering inside the consolidation range of 73800- 76000. The 20 day EMA could provide some support near 74000 and help it to rise back towards 75600-76000.

Base Metal Outlook

* Copper is expected to remain under pressure amid expectation of weakness in US housing and manufacturing index. Further, rising doubts over the economic recovery of the world’s top consumer China would also hurt prices

* MCX Copper May future is expected to remain under pressure as long as it trades under the 5 day EMA at 766. The bearish crossover of 10 and 20 day EMA would weaken it towards 755- 752

* MCX Aluminium is likely to dip towards 210-209 as long as it trades under 213. Fresh buying could be seen above 213

Energy Outlook

* Nymex Crude oil futures likely to face the hurdle near the $80 mark as growing concerns over health of the major economies and rising prospects of higher interest rates by central banks to control the inflation would overshadow the supply tightness. MCX Crude oil could face the resistance near 6550-6580 and slip towards 6330.

* Natural gas futures may trade on a bullish note amid forecast for cooler temperate in most part of US. In MCX May natural gas futures is hovering above the bullish cross over of 10 and 20 day EMA suggesting an upward bias towards 210- 214

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