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Bullion Outlook

* Spot gold is likely to rise further towards $2775 level amid rise in demand for safe haven following uncertainty surrounding US President Donald Trump's potential tariffs plans. US President Donald Trump signaled possibility of implementing duties on China, Canda and Mexico as soon as next month. On top of it he also promised duties on European imports, without giving clarity. Further, multiple ECB policymakers signaled that central bank will keep lowering interest rates this year. Meanwhile, eye’s will be on initial jobless claims data from US and WEF Annual meeting

* Spot gold is likely to rise towards $2775 level as long as it trades above $2730 level. A break above $2775 level prices may rise further towards $2790 level. MCX Gold February is expected to rise further towards Rs.80,000 level as long as it stays above Rs.79,200 level

* Spot Silver is likely to face stiff resistance near $31.0 and slip back towards $30.20 level. MCX Silver March is expected to dip towards Rs.90,500 level as long as it trades below Rs.93,000 level

Base Metal Outlook

* Copper prices are expected to trade with negative bias on strong dollar. Further, as Chinese New Year break approaches, new orders in the market are limited and demand continues to weaken. Additionally, Trump threats to impose tariffs on major trading partners may ignite trade war curbing global economic growth and denting demand for industrial metal. Moreover, investors fear that US President Donald Trump aggressive stance on immigration and potential tariffs will act as headwinds for Fed goal of bring down inflation to 2% average, forcing central bank to keep interest rates elevated for extended period

* MCX Copper January is expected to slip towards Rs.822 level as long as it stays below Rs.838 level. A break below Rs.822 level copper prices may slip further towards Rs.815 level

* MCX Aluminum Jan is expected to face stiff resistance near Rs.257 level and slip back towards Rs.253 level. MCX Zinc Jan is likely to slip towards Rs.272 level as long as it stays below Rs.277 level

Energy Outlook

* NYMEX Crude oil is expected to trade with negative bias and slip further towards $74 level on strong dollar, rise in crude oil and fuel stockpiles and easing tensions in the Middle East following ceasefire between Hamas and Israel. Moreover, investors fear that proposed tariffs by US President would start trade war, hurting global economic growth and dent demand for oil. Meanwhile, sharp fall me be cushioned as US threatened new tariffs against Russia if it does not make a deal to end its war with Ukraine. Further, US president also said his administration would probably stop buying oil from Venezuela

* NYMEX Crude oil is likely to slip further towards $74 level as long as its stays below $76.50 level. MCX Crude oil Feb is likely to slip further towards Rs.6400 level as long as it stays below Rs.6700 level.

* MCX Natural gas Feb is expected to rise further towards 310 level as long as it stays above 288 level. A break above 310 level prices may rise further towards 315 level.

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