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Bullion Outlook

* Spot Gold is likely to slip towards $4640 level amid firm dollar and rise in US treasury yields. Further, prices may slip as investors are worried that stalled peace talk between US and Iran may escalate the situation in Middle East again and permanent ceasefire between both parties will take longer to reach. Moreover, ongoing blockage in Strait of Hormuz, refueled concerns over rising inflation and monetary tightening across major economies. Additionally, recent batch of economic data from US signaled resilience in the economy, giving more room for US Fed to hold rates steady.

* Spot gold prices may slip towards $4640 level as long as its stays below $4750 level. MCX Gold June is expected to face resistance near Rs153,500 level and slip towards Rs150,500-Rs149,500 level.

* MCX Silver May is expected to slip towards Rs236,000-Rs234,000 level as long as it stays below Rs247,000 level.

Base Metal Outlook

* Copper prices are expected to trade with negative bias amid firm dollar and pessimistic global market sentiments. Market sentiments are hurt on growing concerns that stalled peace talk between US and Iran dampen the hopes for immediate ease in tension. Additionally, copper may face headwinds from inflation concerns as it may prompt tighter monetary policy in major economies. Meanwhile, sharp fall in prices may be cushioned on prospect of stronger demand in China and restocking activity ahead of labor day holiday. Yangshan copper premium, a gauge of China's appetite for imported materials, stood at $69 a ton, signaling demand.

* MCX Copper May is expected to slip towards Rs1270 level as long as it stays below Rs1305 level. A break below Rs1270 level prices may be pushed towards Rs1265-Rs1255 level

* MCX Aluminum May is expected to slip towards Rs366 level as long as its stays below Rs374 level. MCX Zinc May is likely to face stiff resistance near Rs348 level and slip towards Rs340 level

Energy Outlook

* NYMEX Crude oil is likely to trade with positive bias as tension in Middle East flared up again after Iran flaunted its tightened grip over Strait with video showing its commandos storming huge cargo ship. Moreover, prices may rally on reports that Tehran's air defences had engaged "hostile targets. Additionally, market is concerned over power struggle between Iran's hardliners and moderates after Mohammad Baqer Qalibaf, Iran’s top negotiator resigned from the team. Additionally, prices may rally on supply concerns as shipping activity through the Strait of Hormuz, remained limited. US navy is maintaining its blockade of Iran’s ports and shore, which Iran consider as act of war. Meanwhile, US President Donald Trump said Israel and Lebanon agreed to extend ceasefire by 3 weeks

* MCX Crude oil May is likely to rise towards Rs9400-Rs9600 level as long as it stays above Rs8700 level.

* MCX Natural gas May is expected to slip towards Rs253-Rs250 level as long as it stays below Rs267 leve

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