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Bullion Outlook

• Gold prices are likely to trade with a positive bias for the day amid weakness in the US dollar index. Further, gold prices may be supported as investors will look to debt-ceiling talks this week that may or may not yield a resolution. However, sharp upside may be prevented on forecast of improvement in US retail sales number

• MCX Gold prices are likely to hold the support of 60750 and rise back towards 61,350. A move above 61350 would open the doors towards the level of 61,700

• MCX Silver is expected to hold the key support of 72500 and rebound towards immediate resistance at 74200. Only with a close below 72500, would the trend turn bearish

Base Metal Outlook

• Copper prices are expected to face a hurdle near 735 and trade with a negative bias as weaker than expected IIP and retail sales number in China indicated a slow pace of recovery

• MCX Copper is likely to face a hurdle of 200 day EMA at 735 and may decline further towards 725

• MCX Aluminium prices are likely remain under pressure as the bearish crossover of 20 and 50 day EMA would limit it to go beyond 209

Energy Outlook

• Crude oil prices are expected to trade with a positive bias for the day amid weakness in US dollar index. Further, crude oil prices may be supported on expectations that global crude supplies could also tighten in the second half as Opec and allies including Russia - plan additional output cuts

• MCX Crude oil prices are likely to continue its upward trend towards the level of 6060

• MCX Natural gas prices is expected to trade in upward trend towards the level of 206 as long as it sustains above the level of 186

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