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Bullion Outlook

• Gold prices are likely to trade with a positive bias amid a retreat in US treasury yields. Further, demand for safe haven may increase as negotiation over raising debt ceiling dragged on with no imminent solution in sight. Additionally, investors will keep an eye on FOMC meeting minutes to get more cues on policy

• MCX Gold is likely to rise further till 60500 level as long as it sustains above 59700 level, which is also the 50-day EMA

• MCX Silver is expected to follow gold prices and trade in an upward trend towards the level of 72,900

Base Metal Outlook

• Copper prices are expected to trade with a negative bias for the day amid growing concerns over the performance of major economies. Further, the debt-ceiling impasse kept risk sentiments fragile. Furthermore, rising copper inventories at LME registered warehouses may weigh on copper prices

• MCX Copper broke the key support level of 200 DMA at 715.60 to trade in a downward trend. It is likely to continue the same trend towards the level of 707.50

• MCX Aluminium prices are expected to break the level of 200 DMA at 208 to trade in a downward trend towards the level of 207

Energy Outlook

• Crude oil prices are expected to trade with a positive bias on expectations that the Organization of Petroleum Exporting Countries and allies including Russia will consider further output cuts at a meeting on June 4. Further, crude oil prices may be supported on expectations that US crude oil inventories may drop by -0.920 million

• MCX Crude oil prices are likely to surpass the hurdle of 50 DMA at 6130 to continue their upward trend towards the level of 6200

• MCX Natural gas is expected to continue its downward trend towards the level of 50 DMA at 201.4

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