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Bullion Outlook

* Spot gold is likely to face the hurdle near $2170 level and slip towards $2140 levels amid strong dollar and surge in US treasury yields across curve. Yields and Dollar are moving north as hotter than expected inflation data from US raised the concerns among investors that Fed would not be able to cut interest rates sooner if price pressure continues to remain elevated. After the data traders reduced bets that Fed will cut rates by June. Traders will now shift their focus to the Thursday release of producer price index and initial jobless claims. Meanwhile, demand for safe haven may increase on mounting tension in Middle East 

* MCX Gold April prices is likely to slip further towards 65,000 level as long as it stays below 65,700 levels 

* MCX Silver May is expected to follow gold and slid further towards 73,000 level as long as it sustains below 74,100 level.

MCX Gold vs. Silver

Base Metal Outlook

* Copper prices are expected to trade with negative bias amid strong dollar. Further, investors fear that sticky inflation will force major central banks across globe to hold rates steady at higher levels for prolonged period, hurting economic growth and demand for metals. Additionally, investors will remain cautious ahead of Chinese loan data for indications of demand from the top metals consumer. Moreover, subdued economic growth outlook, poor manufacturing data and the lack of a big stimulus support from China would hurt metal prices 

* MCX Copper is expected to slip towards 730 level as long as it stays below 740 level. A move below 730 would open the doors for 726 levels. 

* Aluminum is expected to move south towards 202.50 level as long as it stays below 204.50 level.

MCX Copper vs. Aluminium

Energy Outlook

* NYMEX Crude oil is expected to slip further towards $76 amid strong dollar after hot inflation figures. Further, US Energy Information Administration raised domestic oil output forecast. Moreover, prices may slip on forecast of bearish economic data. Meanwhile, sharp downside may be cushioned on ongoing geopolitical tension in Middle East and OPEC sticking to its forecast of a strong oil demand growth in coming years. Further, US crude stocks fell 5.521 million barrels in the week ended March 8, according to market sources citing American Petroleum Institute figures. Investors will keep an eye on official data on US crude oil inventories to get more cues

* MCX Crude oil is likely to slip towards 6350 levels as long as it trades below 6520 levels. 

* MCX Natural gas is expected to slip further towards 135 level as long as it trades below 150 level

MCX Crude Oil vs. Natural Gas Energy Outlook

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