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Bullion Outlook

• Gold prices are likely to trade with a negative bias for the day amid uptick in US dollar index and rise in US treasury yields. Further, better than expected economic data from US and hawkish remarks from Fed officials raised the bets that interest rates may remain high for longer than expected period. Additionally, investors will keep an eye on outcome from US debt limit negotiations

• MCX Gold prices broke the level of 20 DMA at 60,540 to trade in a downward trend. It is likely to continue its downward trend towards the key support level of 59,700

• MCX Silver is expected to face resistance at 73,100 and drop towards the key support level of 71,800

Base Metal Outlook

• Copper prices are expected to trade with a negative bias amid firm dollar and continuous rise in copper inventories at LME registered warehouses. Further, sluggish economic recovery in top consumer China may drag copper prices down. Also, prices may slip on forecast of disappointing housing data from US

• MCX Copper is likely to break the level of 712.50 to continue its downward trend towards the level of 708

• MCX Aluminium prices are likely to trade in downward trend towards the level of 205, as long as it sustains below the key resistance level of 9 DMA at 207.50

Energy Outlook

• Crude oil prices are expected to trade with a negative bias as a surprise rise in US crude oil stockpiles and weak economic data from China stocked demand concerns. According to market sources citing API figures, US crude oil inventories rose by about 3.6 million barrels in week ending May 12. Additionally, talks on raising US debt ceiling will continue to weigh on market sentiments

• MCX Crude oil prices are likely to face a hurdle near 5930 levels and slip towards 5730 levels

• MCX Natural gas price is expected to surpass the hurdle of 199 to continue its upward trend towards the level of 206

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