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Metal’s Outlook

Bullion Outlook

* Spot gold is likely to trade with the positive bias amid weakness in dollar and retreat in US treasury yields ahead of US CPI data and FOMC meeting minutes. US Core-CPI data is likely to show that inflation continued to ease slowly and gradually. If data comes in line with expectation and shows cooler inflation figures than we may see sharp upside in prices. Spot gold prices likely to rise back towards $2365 levels as long as its stays above immediate support near $2330 level. A sustain break above $2365 level, prices my be pushed further towards $2400. On flip side, close below $2330 level it may correct towards its psychological support of $2300 level which is also 10-Day EMA

* MCX Gold June prices is likely to rise further towards 71,700 level as long as it stays above 70,700 level. A break above 71,700 level prices may be pushed beyond 72,000 level. On the contrary, close below 70,700 level it may correct towards its psychological support of 70000 level.

* MCX Silver May is expected to rise towards 83,500 level as long as it sustains above 81,500 level.

Base Metal Outlook

* Copper prices expected to trade with positive bias amid weak dollar, rise in risk appetite in the global markets and worries over tightening supply. Further, prices may rally on signs of improving macroeconomic conditions. Moreover, prices may move north on prospect of output cuts in China over shortages of mined copper raw material

* MCX Copper is expected to move further north towards 826 level as long as it stays above 814 level. A break above 826 would open doors for 830 levels. On the contrary, a sustain close below 814 levels prices my dip further towards 805 levels

* Aluminum is expected to face hurdle near 225.50 levels and slip back towards 221 level

Energy Outlook

* NYMEX Crude oil is expected to rise back towards $86.30 level as long as it trades above $84.50 level amid worries about tighter supply due to uncertainty over Gaza ceasefire talks. Additionally, commander of the Revolutionary Guard's navy in Iran said it could close the Strait of Hormuz if deemed necessary and Turkey said it would restrict exports of various products to Israel until there is a ceasefire. However, sharp upside may be limited amid unexpected rise in US crude stockpiles. As per API US crude oil inventories rose by about 3.03 million barrels for the week ending 6 th April. Further, EIA said US crude oil output is set to grow slightly more than earlier estimates this year and next.

* MCX Crude oil is likely to rise towards back towards 7250 levels as long as it trades above 7000 levels, while immediate support lies near 7050 (10-Day EMA).

* MCX Natural gas April is expected to rise further towards 165 level as long as its holds the support near 149 level (20-Day EMA)

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