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Metal’s Outlook

Bullion Outlook

* Spot gold is likely to hit a pause after rising to historic highs. Prices may correct further towards 10-day EMA around $2250 level as long as it stays below $2290 levels amid hawkish comments from Fed officials. Meanwhile, prices are unlikely to go beyond $2250 level ahead of job data from US as it could shed more light on the timing of the Fed's first rate cut. Market estimate 200,000 new jobs were added in March, down slightly from the 275,000 in February. Moreover, mounting geopolitical tensions in Middle East and Eastern Europe will keep bullion's safe haven demand intact.

* MCX Gold June prices is likely to face hurdle near 70,200 level and slip back towards 69,100 level. A close below 69,100 would open the doors for 68,500 level. Moreover, 14-day RSI lies in the overbought zone near 84, suggesting corrective pullback

*  MCX Silver May is expected to slip towards 78,000 level as long as it sustains below 79,300 level.

Base Metal Outlook

* Copper prices expected to hit a pause on its upward momentum and scale back from its 14th month high amid risk aversion in the global markets. Further, investors will remain cautious ahead of slew of economic data from major nations to gauge economic health of the countries. Meanwhile, sharp downside may be cushioned on prospect of global recovery in demand and potential production cuts by China's biggest refiners, tighter outlook for supplies

* MCX Copper is expected to move south towards 780 level as long as it stays below 800 level. A break below 780 would open doors for 772 levels (10-Day EMA)

* Aluminum is expected to slip towards 218 level as long as it remains below 222 level

Energy Outlook

* NYMEX Crude oil is expected to rise further towards $87.50 levels as long as it hold the support near $85.50 levels on escalating geopolitical tensions and concerns of lower supply as major producers are keeping output cuts in place. As per media reports Israeli embassies across the world have been placed on high alert due to increasing threats of an Iranian attack on Israeli diplomats. Additionally, US Secretary of State Antony Blinken said that Ukraine will eventually join NATO as support for the country remains rock solid among member states. However, investors will keep an eye on economic data from major countries for clues on the outlook for oil demand

* MCX Crude oil is likely to rise towards 7300 levels as long as it trades above 7050 levels. A sustain break above 7300 level would open doors for 7380 levels

* MCX Natural gas April is expected to slip further towards 143 level as long as it stays below 154 level

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