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Bullion Outlook

• Gold prices are likely to trade with a negative bias for the day amid strong US dollar and rise in US treasury yields. Yields are rising on optimism around debt ceiling resolution and on the back of solid economic data from US. Additionally, investors will closely watch Fed Chair Powell Speech for more cues on interest rate trajectory

• MCX Gold prices broke the level of 50 DMA at 59,800 to trade in downward trend. It is likely to continue the trend and trade towards the level of 59,300 • MCX Silver is expected to continue its downward trend towards the level of 71,500

Base Metal Outlook

• Copper prices are expected to trade with a negative bias for the day amid firm US dollar and persistent rise in copper inventories at LME registered warehouses. However, further losses would be limited following comments from Premier Li that China will take more targeted measures to expand domestic demand

• MCX Copper is likely to break the level of 715 to continue its downward trend towards the level of 710

• MCX Aluminium prices are expected to trade in an upward trend towards the level of 210.50, as long as it sustains above the level of 9 DMA at 207.80

Energy Outlook

• Crude oil prices are expected to trade with a negative bias amid strong dollar and on worries that higher interest rates across major countries would hurt the economic growth and dent fuel demand. Additionally, weak economic data from world’s biggest importer China, suggest economic recovery is losing momentum

• MCX Crude oil is likely face hurdle near 20-day EMA at 6035 levels and slip towards the level of 5870

• MCX Natural gas price is expected to trade in an upward trend towards the level of 100 DMA at 219.7

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