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Bullion Outlook

• Gold prices are likely to trade with a positive bias for the day on hopes that US Federal Reserve will hit a pause button on rate hike cycle. Additionally, demand for safe haven may increase as PacWest’s move to explore strategic options deepened concerns about health of regional banks. Further, bullion prices may be supported as US unemployment rate is expected to rise to 3.6% and non farm payrolls is expected to decline from 236K to 180K

• MCX Gold prices are likely to continue there upward trend towards the level of 62,000

• MCX Silver prices are expected to follow gold prices and trade in upward trend towards the level of 78,000

Base Metal Outlook

• Copper prices are expected to trade with a negative bias amid weaker than expected demand recovery in top consumer China. Further, copper prices may drop on rise in copper inventories at LME registered warehouses and on concern over health of US regional banks

• MCX Copper is likely to break the level of 736 to trade in down ward trend towards the level of 731, as long as it sustains below the level of 742

• MCX Aluminium prices are likely to continue their downward trend towards the level of 203

Energy Outlook

• Crude oil prices are expected to trade with a negative bias for the day amid concerns over weaker demand from top crude oil importer China and fears of weakening US economy. Further, Saudi Arabia, the world's top oil exporter, has cut the price of its June flagship crude to Asian buyers for the first time in four months

• MCX Crude oil is likely to break the level of 5560 to trade in downward trend towards the level of 5430

• MCX Natural gas prices are expected to continue trading in downward trend towards the level of 166

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