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Bullion Outlook

• Gold prices are likely to trade with a positive bias amid decline in US treasury yields and soft dollar. Further, bullion prices may be supported on rising expectations that the Fed may not hike the interest rate in this month. As per CME FedWatch toll market is pricing 76% chance of Fed hitting pause button next week

• MCX Gold prices broke the level of 9 DMA at | 59770 to trade in an upward trend. It is likely to break the level of | 60,000 to continue the trend towards the level of 20 DMA at | 60,200

• MCX Silver is expected to follow the gold movement and trade in an upward trend towards key resistance level of 20-DMA at | 72,660

Base Metal Outlook

• Copper prices are expected to trade with a positive bias amid a soft dollar and as signs of tight supply re-emerged on the London Metal Exchange. Readily available inventories slumped by the most since October 2021. Additionally, mixed batch of economic figures from US kept hopes alive that the Fed would pause rate hikes from the upcoming meeting

• MCX Copper is likely to rise further till | 728 as long as it hold the support near | 718 levels

• MCX aluminium is expected to face hurdle near | 208 levels and move south towards | 205 levels

Energy Outlook

• Crude oil prices are expected to trade with a positive bias on the back of weak dollar and on hopes that US Federal Reserve will pause its monetary policy tightening cycle next week. Additionally, oil prices may rise on supply concerns after Saudi Arabia’s surprise pledge for extra supply cuts. Moreover, Kingdom has also raised its crude prices to Asia for July

• MCX Crude oil is likely to rise towards the level of 6120 as long as it sustains above the level of 20 DMA at 5930

• MCX Natural gas is expected to break the level of 20 DMA at 192.70 to continue its upward trend towards the level of 195

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