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Bullion Outlook

* Gold prices may find some support ahead of key US manufacturing and service PMI numbers, which is expected to still show contraction in activity. Further, rising fears of recession could also limit the downside in the metal. However, increasing probability of 25 bps rate hike in the next FOMC policy could check its upside

* MCX Gold is likely to move between 59900 and 60850. The 20-day SMA could provide some support to price. A move above 60850 would push the price towards 61200

* MCX Silver is likely to trade in a range of 74200-76200. The trend would turn bearish only with a close below 74200

Base Metal Outlook

* Copper is expected to remain under pressure amid expectation of contraction in the manufacturing activity across the Europe and US. Further rising doubts over the economic recovery of the world’s top consumer China would also limit its upside

* MCX Copper April future is expected to face a hurdle near 772- 774 and decline towards the immediate support at 762-760

* MCX Aluminium is expected to consolidate between 212 and 215. A move below 212 would bring correction in price and weaken it towards 210. Fresh buying could be seen above 215.50

Energy Outlook

* Crude oil futures are anticipated to weaken further amid expectation of a weakness in manufacturing activity and stricter central bank policy. The higher inflation numbers in eurozone and UK could force the ECB and BoE to stick to its rate hike regime. MCX Crude oil could slip further towards 6200-6250 as long as it trades below the 10 day EMA of 6520

* Natural gas futures are likely to find support near the 20 day EMA at 178 and move higher towards 190 amid expectation of cool weather in most states in the US

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