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Bullion Outlook

* Spot gold is likely to face the hurdle near $2530 and move lower towards $2490 amid strong dollar. Better than expected economic numbers from US has lowered the probability of 50 bps interest rate cut, which could limit the upside in the bullions. Meanwhile, safe haven buying due to the ongoing tension in the Middle East would provide some support to the bullions. Further, continuous increase in net longs in COMEX gold futures indicates strength in the commodity. On the other hand, a strong call base near 2550 call strike indicates a stiff resistance for the yellow metal.

* MCX Gold Oct has failed to breach the multiple resistance at 72300. Price is expected to trade lower towards 71,500. A move below 71,500 would weaken the price further towards 71,000.

* Spot silver is hovering near the 20 day EMA at $29.00. A move below $28.60 would weaken it towards $28.20. MCX Silver December is expected to weaken towards 84,100 as long as it trades under 86,500.

Base Metal Outlook

* Copper prices are expected to remain under pressure amid demand concerns form the top metal consumer China after weekend data suggests contraction in the manufacturing activity. China’s factory activity contracted for the fourth month in a row in August. Further, rising LME inventories and strong dollar would hurt prices. Meanwhile, improved risk sentiments amid prospects of soft landing in US economy could provide some support to the red metals and limit its downside.

* MCX Copper September is expected to face to hurdle near 814 and move lower towards 799. A move below 799, would weaken further towards 792.

* MCX Aluminum is expected to face the hurdle near 230 and weaken towards 224. Declining cash to 3-month premium indicates fading supply issues and rise in inventories.

Energy Outlook

* NYMEX Crude oil is expected to trade lower amid production hike concerns from OPEC+ members since October. Eight members are set to increase the output by 180,000 bpd keeping other cuts in place until end of 2025. Moreover, weaker manufacturing activity in China indicates sluggish growth and would weaken the demand outlook. Meanwhile, OI concentration in ATM call strikes and OTM calls indicates price to face stiff resistance near $75.

* MCX Crude oil Sep is likely trade lower towards 6050, as long as it trades under 6430. Formation of bearish engulfing pattern on the daily charts indicates weakness in prices.

* MCX Natural gas September is likely to hold the support near 174 and rebound towards the 10-day EMA at 184. Above 184, it would rise towards 190.

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