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Bullion Outlook

* Spot Gold is likely to remain under pressure amid recovery in dollar and US treasury yields. Further, investors will assess fragile ceasefire between US and Iran after Israel continued attacking Lebanon and uncertainty lingered over reopening of Strait of Hormuz. Furthermore, investors will remain cautious ahead of slew of economic data from US to gauge economic health of the country. Meanwhile, sharp fall in the prices may be cushioned as US Vice President JD Vance said there are indications the strait may reopen as he leads a US delegation for direct talks with Iran. Moreover, any positive outcome of the meeting will increase hope for long term peace agreement. Additionally, if the effects of oil shock were short lived than it may still provide some room for US Fed to cut rates.

* MCX Gold June is expected to face stiff resistance near  Rs.155,000 level and correct back towards  Rs.150,500- Rs.148,500 level.

* MCX Silver May is expected to slip towards  Rs.236,000- Rs.233,000 level as long as it stays below  Rs.247,000 level.

Base Metal Outlook

* Copper prices are expected to remain under pressure amid recovery in dollar and risk aversion in the global markets. Market sentiments are hurt on fear that fragile 2-week ceasefire between US and Iran would hold after Israel continued its attack on Lebanon. Moreover, rising inventory at LME registered warehouses would weigh on prices. However, sharp fall may be cushioned on the prospect of stronger demand in China. Yangshan copper premium, a gauge of China's appetite for imported materials, rose to $65 a ton. It earlier hit $69, the highest since June 2025

* MCX Copper April is expected to slip towards  Rs.1175 level as long as it stays below  Rs.1190 level. Only break above  Rs.1190 level prices may be pushed towards  Rs.1200- Rs.1210 level

* MCX Aluminum April is expected to slip towards  Rs.349 level as long as its stays below  Rs.359 level. MCX Zinc April is likely to face stiff resistance near  Rs.334 level and slip towards  Rs.325 level

Energy Outlook

* NYMEX Crude oil is likely to trade with positive bias on renewed concern over supply disruption after media reported Oil tanker traffic through Strait of Hormuz was halted after Israel attacked Lebanon. Moreover, investors would assess whether a fragile 2-week ceasefire between the US and Iran would hold. Additionally, as per EIA data refined product inventories declined, with distillate stocks falling by around 3.1 million barrels and gasoline inventories dropping by about 1.6 million barrels. Meanwhile, any sign of positive outcome of the meeting could push oil prices lower. US negotiating team will be heading this weekend for diplomatic talks led by U.S. Vice President JD Vance

* MCX Crude oil April is likely to rise towards  Rs.9200- Rs.9350 level as long as it stays above  Rs.8400 level.

* MCX Natural gas April is expected to slip towards  Rs.245- Rs.240 level as long as it stays below  Rs.265 level.

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