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Bullion Outlook

• Gold prices are likely to trade with a positive bias for the day amid weakness in US dollar. Further, bullion prices may be supported as investors will keep a tab on developments surrounding US banking sector and debt ceiling. Meanwhile, sharp upside may be prevented on uptick in US 10 year’s treasury yields

• MCX Gold prices are likely to break the key resistance level of 61,000 to trade in uptrend towards the level of 61,250 as long as it sustains above the support level of 20 DMA at 60,370

• MCX Silver prices are expected to take cues from gold movement and trade in upward trend towards the level of 78,000 as long as it sustains above the level of 20 DMA at 76,350

Base Metal Outlook

• Copper prices are expected to trade with a negative bias amid lacklustre demand in top metals consumer China and continuous rise in copper inventories at LME registered warehouses. Meanwhile, satellite surveillance of metal processing plants showed that global copper smelting activity slid in April to its lowest in two years

• MCX Copper is likely to break the level of 741 to trade in downward trend towards the level of 737

• MCX Aluminium prices are likely to trade in downward trend towards the level of 206.50

Energy Outlook

• Crude oil prices are expected to trade with a negative bias for the day amid concerns over western economies going into recession. Further, crude oil prices may slip on concerns that the US banking crisis will slow the economy and eventually hurt crude oil demand

• MCX Crude oil is likely to break the level of 5770 to trade in a downward trend towards the level of 5720

• MCX Natural gas prices are expected to trade in a downward trend towards the level of 171

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