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Bullion Outlook

• Gold prices are likely to trade with a positive bias for the day as demand for safe haven may increase on global economic uncertainty and worries over health of regional banks in US. Additionally, investors are cautious ahead of the inflation data from US due later in day, to get clues on Fed’s interest rate trajectory

• MCX Gold prices are likely to surpass the hurdle of 61,600 to continue there upward trend towards the level of 61,880

• MCX Silver prices are expected to take cues from the gold movement and move towards the level of 78,000

Base Metal Outlook

• Copper prices are expected to trade with a negative bias amid continues rise in copper inventories at LME registered warehouses. Further, copper prices may slip on worries over subdued demand from China

• MCX Copper is likely to break the level of 750 to continue its downward trend towards the level of 747, as long as it sustains below the level of 755

• MCX Aluminium prices are likely to break the key resistance level of 210 to continue its upward trend towards the level of 211.50

Energy Outlook

• Crude oil prices are expected to trade with a negative bias for the day as industry data showed surprise buildup in US crude stockpile. Additionally, investors are awaiting CPI figures and US government data on oil inventories

• MCX Crude oil prices are likely to break the key support level of 9 DMA at 5970 to trade in downward trend towards the level of 5900

• MCX Natural gas prices are expected to continue their upward trend towards the level of 192, as long as they remain above the key support level of 9 DMA at 184.50

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