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 Bullion Outlook

* Gold is likely to hold its ground and extend its gains amid safe haven buying. Heightened trade war uncertainties is likely to push prices higher. Further, rising prices in the physical market indicates increasing investor demand. Further, rate cut from BOE for the 2 nd time would also provide support to the yellow metal. Moreover, expectation of rise in weekly unemployment claims data could weigh on the dollar and support the bullions to scale new highs. Spot gold is expected to hold the support of $2850 and move higher towards $2900. Meanwhile, a higher call base near 2900 strike could act as key resistance for price.

* MCX Gold April is expected to march towards Rs.85,000 level as long as it stays above Rs.83,900 level. Only a move below Rs.83,900 level prices may slip towards Rs.83,400 level

* MCX Silver March is expected to holds its gains and move towards Rs.96,600. Above Rs.96,600 level it would open the doors towards Rs.98,000. On the downside immediate support exists near Rs.95,000 level.

Base Metal Outlook

* Copper prices are expected to extend its rebound amid softness in the dollar and improved manufacturing activity in US. Further, increasing net speculative long position to a 12- week high indicates prices to trade higher. Additionally, depleting inventory levels in LME and increasing prospects of fresh round of stimulus from China would help the metal to trade higher. Meanwhile, trade war concerns and demand uncertainties from China would restrict any major up move in the metal.

* MCX Copper February has formed a bullish double bottom pattern, which is expected to push prices further towards Rs.855. Only below Rs.840 level copper prices may slip towards Rs.834 level

* MCX Aluminum Feb is expected to hold its ground near Rs.251 level and move towards Rs.257 level. MCX Zinc Feb is likely to rise towards Rs.270 level as long as it stays above Rs.265 level

Energy Outlook

* NYMEX Crude oil is expected to face the hurdle near $73 and remain under pressure amid sign of weaker demand in US. Easing geopolitical risk and sharp jump in weekly crude oil inventories would weigh on prices. Further, concerns over new trade war between US and China would increase demand uncertainty. Meanwhile, growing bets of sanction on Iran by the Trump administration may limit downside in oil prices.

* On the data front, fresh addition of OI in ATM and OTM call strikes indicates prices to face stiff resistance. Again unwinding of OI in OTM put strikes indicates more downside. MCX Crude oil Feb is likely to face the hurdle near Rs.6350 and move lower towards Rs. 6050.

* MCX Natural gas Feb is expected to face the hurdle near Rs.295 and move lower towards Rs.275. Mild US weather forecast would likely to keep a check on gas prices. Meanwhile, investor will keep an eye on weekly inventory levels to get further clarity in direction.

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