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Bullion Outlook

* Spot Gold is likely to rise further towards $4950 level on weak dollar and softening of US treasury yields. Further, investors hope that US and Iran will try to strike a deal to end the hostilities in Middle East, easing fears of energy led inflation shock. US and Iran are working to schedule another round of peace talk in coming days. Countries moving towards reconciliation and notably not moving towards wrong direction is talking off worst case scenarios of the table. Additionally, if the effects of oil shock were short lived than it may still provide some room for US Fed to cut rates. Meanwhile, investors will remain cautious ahead of statements from Fed officials to get some cues on interest rate trajectory

* MCX Gold June is expected to face hold support near  Rs.152,500 level and rise towards  Rs.156,500- Rs.157,500 level.

* MCX Silver May is expected to rise towards  Rs.257,000- Rs.260,000 level as long as it stays above  Rs.243,000 level.

Base Metal Outlook

* Copper prices are expected to trade with positive bias amid weak dollar and rise in risk appetite in the global markets. Moreover, prospect of stronger demand in China would support prices. Yangshan copper premium, a gauge of China's appetite for imported materials, rose to $74 a ton, signaling demand. Additionally, China’s copper concentrate imports continued to rise, signaling strong demand from domestic smelters. Imports of copper concentrates and ores climbed by nearly 10% to 2.63 million tons in March and by 6.6% to 7.56 million tons in the Q1. Furthermore, China is expected to ban sulfuric acid exports starting May. Ban coupled with reduced shipment through strait of Hormuz will impact metal industry as its essential for some copper extraction. Squeeze may hit key copper mining industries

* MCX Copper April is expected to rise further towards  Rs.1285- Rs.1290 level as long as it stays above  Rs.1250 level.

* MCX Aluminum April is expected to rise towards  Rs.370 level as long as its stays above  Rs.360 level. MCX Zinc April is likely to face stiff resistance near  Rs.340 level and slip towards  Rs.332- Rs.329 level.

Energy Outlook

* NYMEX Crude oil is likely to trade with negative bias on growing optimism that another round of peace talk between US and Iran may end the hostilities in Middle East and release supply from key producing region trapped due to closure of Strait of Hormuz. US President Donald Trump indicated talks may resume within next 2 days. Additionally, IEA cut is forecast for global oil supply and demand growth. Moreover, API reported that US crude inventories increased by 6.1 million barrels last week, signaling weak demand. Meanwhile, sharp downside may be cushioned on weak dollar and rise in risk appetite in the global markets. Additionally, investors will remain cautious ahead of official US inventory data from EIA

* MCX Crude oil May is likely to dip towards  Rs.7900- Rs.7700 level as long as it stays below  Rs.8700 level.

* MCX Natural gas April is expected to slip towards  Rs.238- Rs.235 level as long as it stays below  Rs.252 level.

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