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Bullion Outlook

* Gold is expected to rise back towards $3040 level on expectation of weakness in dollar and US treasury yields. Further, demand for safe haven may increase on concerns that US President Donald trump tariff policies will ignite potential global trade war, hurting economic growth and fueling inflation. US President Donald Trump unveiled a 25% tariff on imported cars and light trucks starting next week and plans to announce reciprocal tariffs at the countries responsible for the bulk of the US trade deficit on 2 nd April, widening the global trade war. Meanwhile, hawkish comments from Fed officials will cap sharp up move in prices.

* Spot gold is likely to rise towards $3040 level as long as it stays above $3000 level. on contrary, break below $3000 level prices may slip further towards $2980/$2960 levels. MCX Gold April is expected to rise towards Rs.88,200 level as long it holds the support near Rs.87,300 level

* MCX Silver May is expected to rise further towards Rs.100,500 level as long as it trades above Rs.98,500 level.

Base Metal Outlook

* Copper prices are expected to trade with negative bias on pessimistic global markets as US President Donald Trump slapped a 25% tariff on imported cars and light trucks starting next week, widening global trade war. Further, investors fear that tit for tat approach increased the risk of broader global trade war, which may have adverse effect on economic growth denting demand for industrial metal. Meanwhile, sharp fall may be cushioned on fears that US President Donald Trump may impose tariff on vital metal in several weeks rather than months. Moreover, China is boarding on stimulus program and European plans for more defense spending.

* MCX Copper April is expected to slip further towards Rs.898 level as long as it stays below Rs.918 level. A break below Rs.898 level prices may dip further towards Rs.893

* MCX Aluminum April is expected to slip further towards Rs.252 level as long as it stays below Rs.255 level. MCX Zinc April is likely to move south towards Rs.274 level as long as it stays below Rs.279 level

Energy Outlook

* NYMEX Crude oil is expected to trade with positive bias and rally further towards $71 level on expectation of weak dollar and concerns over tighter supplies after US President Donald Trump imposed new sanction on Iran and Venezuela. Additionally, decline in US crude oil and fuel inventories signals strong demand. Meanwhile, market expects more Russian oil supply as they believe that US may give Moscow sanction relief after a deal was reached with Ukraine and Russia to pause attacks at sea and against energy targets. Additionally, investors fear that US tariff plans will ignite global trade war and risk fueling inflation, which may prompt US Federal Reserve to hold rates steady, denting fuel demand

* MCX Crude oil April is likely to hold support near Rs.5880 level and rise towards Rs.6100 level. A break above Rs.6100 prices may rally further towards Rs.6150 level.

* MCX Natural gas April is expected to face stiff resistance near Rs.345 level and slip towards ?320 level.

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