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Bullion Outlook

* Spot gold is likely to consolidate in the band of $2500 and $2530 ahead of the key US PCE price index data. Moderation in the US inflation numbers would strengthen the rate cut bets and support the bullions to stay higher. Further, safe haven buying due to the ongoing tension in the Middle East would also support the bullions. Moreover, strong inflows into the gold ETFs which rose to its highest level in last 6-month would also support the bulls. Meanwhile, a strong call base near 2550 call strike indicates a stiff resistance for the yellow metal. COMEX October futures has to move above the $2550 to bring fresh buying momentum.

* MCX Gold Oct has to breach the key resistance at 72,300, to extend its rally towards 73,000. For the day, prices is expected to move in the band of 71,500 to 72,300. Only above 72,300 it would turn bullish.

* Spot silver is hovering in the band of $29.00 and $30. A move above $30 would bring back the bulls into action. MCX Silver December is expected to hold the support of 85,800 and move towards 88,500.

Base Metal Outlook

* Copper prices are expected to hold its ground and trade higher amid improved risk sentiments and supply concerns from Chile. Meanwhile, rising LME inventories and forecast of contraction in manufacturing activity in China would hurt the demand outlook. Furthermore, focus will remain on weekly SHFE inventory levels and key US inflation data which could bring further clarity in price trend.

* MCX Copper September is expected to hold the support of 20 DEMA at 802 and rebound towards 812. Only close below 802 it would weaken towards 796.

* MCX Aluminum is expected to face the hurdle near 230 and weaken towards 225. Declining cash to 3-month premium indicates fading supply issues and rise in inventories.

Energy Outlook

* NYMEX Crude oil is expected to hold its ground above $74 mark and move towards the $77 level amid supply concerns from Libya and persistent tension in the Middle East. Further, improved risk sentiments amid strong US GDP numbers and growing bets of lower rates in the coming quarter would increase the demand prospects. Meanwhile, investors will focus on key US PCE price data to get more clarity on the quantum of rate cuts. Meanwhile, OI concentration in OTM and ATM put strikes indicates strong support near $75. On the upside, higher OI concentration observed at 77 and 80 strike call would act as major resistance.

* MCX Crude oil Sep is likely to hold the support near 6200 and rise towards 6480. A move above 6480 would push it towards 6600.

* 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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