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Metal’s Outlook

Bullion Outlook

* Spot gold is likely to move higher towards $1860 amid ongoing conflict between Israel and Gaza. The safe-haven buying in the metal during the geo-political turmoil would support the bullions to trade firm. Meanwhile, US bank holiday on Monday could soak the volatility towardsthe second half of the day.

* MCX Gold prices is likely to rise towards 57400 as long as it holds the key support 56800. Only a move above 57400 would open the doors towards 57,600 level.

* MCX Silver is expected follow the yellow metal and likely to rise towards 69500, as long as it holds above 67500 level. Above 69500, 70200 would act as major resistance for price

Base Metal Outlook

• Copper prices are expected to trade higher amid expectation of increase in demand from China. The opening of the Chinese markets after the week long holiday could bring back the buyers back to the action. Meanwhile, the upside in the metal could be capped due to higher inventory levels at LME registered warehouses.

• MCX Copper is expected to find support near 700 and move higher towards 710. Above 710, it would extend its gains towards 714.

• MCX aluminium is expected to hold support near 204.50 and move north towards 208.50 level.

Energy Outlook

• NYMEX Crude oil is expected move higher towards $89 amid increasing geopolitical risk in the Middle East. The surprise attack by Hamas on Israel over the weekend has started the conflict in the Middle east. Meanwhile, commitment from key OPEC nations to voluntary adjustments amid the ongoing tussle could limit more upside in oil price.

• MCX Crude oil is likely to move towards 7300 level as long as its sustains above 7000 levels

• MCX Natural gas is expected to find support near 270 and extend its gains towards 284 level amid forecast of cool weather in US over the next 10 days.

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