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Metal’s Outlook

Bullion Outlook

* Spot gold is expected face stiff resistance near $2360 and weaken towards $2300 on expectation of improved economic numbers from US, which would push the dollar and yields higher. Forecast of improvement in the manufacturing activity in US would lower the rate cut probability and force the Fed to hold the rates higher for longer. Furthermore, easing geopolitical tension in the Middle East and increasing risk appetite could weigh on the bullions. A move below $2300 would open the doors towards the next key support at $2280.

* MCX Gold June is expected to face the hurdle near 71400 and move lower towards 70200. Only close below 70200, it would turn weaker and slide further towards 69500.

* MCX Silver May is expected to consolidate in the band of 80000 and 81400. Only a move below 80000, it would weaken further towards 78500.

Base Metal Outlook

* Copper prices are expected to hold its ground and trade with a positive bias amid tighter supply and improved demand outlook. Forecast of improved manufacturing activity in the US and UK would reignite the industrial demand outlook and help the metal to recover yesterday's losses. Further, expectation of rise in new home sales numbers from US would provide necessary support to the red metal. On the other hand, stronger dollar due to higher for longer interest rate outlook by the Federal reserve would restrict any major upside in the base metals.

* MCX Copper May is expected to move towards 856, as long as it holds above the immediate support at 845.

* Aluminum is expected to hold the support at 241 and move higher towards 246.

Energy Outlook

* NYMEX Crude oil is expected to trade in the band of $80 and $83 as most investors continues to assess the risk from geopolitical concerns in the Middle East. Further, improved risk appetite and expectation of better economic numbers would also provide floor to the oil prices. Meanwhile, higher crude oil supplies from US and stronger dollar could check any major upside in the oil prices.

* MCX Crude oil May future is likely to find support near 6740 and move back towards 6920. Only a sustained move above 6920 it would rise towards 7000 mark. On the flip side a move below 6740 would open the downside in price towards the 100 day EMA at 6640.

* Natural gas is expected to hold its gains and move higher amid increasing export from US and lower production from major producers to counter the lower prices and higher inventories. MCX May futures is expected to rise towards 178, as long as it holds above 164.

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