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Metal’s Outlook

Bullion Outlook

* Spot gold is expected to rise further towards $2650 level amid weakness in dollar and softening of US treasury yields. Dollar and Yields are moving south as recent back of mixed economic data cemented hopes that US Federal Reserve will deliver another rate cut in November meeting but of smaller magnitude. Further, escalating tension in Middle East will increase the demand for safe haven. Moreover, investors focus will now shift to US PPI data for additional insights on rate cuts

* Spot Gold is likely to rise back towards $2650 level as long as it stays above $2615 level (20-Day EMA). MCX Gold December is expected to move further north towards 75,850 level as long as it trades above 75,000 level (20-Day EMA).

* Spot Silver is expected to surpass stiff resistance near $31.20 level and rise further towards $31.80 level. It will hold the support near $30.80 level. MCX Silver December is expected to rise further towards 92,000 level as long as it holds the support near 89,000 level

Base Metal Outlook

* Copper prices are expected to trade with positive bias amid weakness in dollar, optimistic global market sentiments and hopes for more stimulus measures from China to revive economic growth. China's finance ministry is due to hold a highly anticipated news conference on fiscal policy on Saturday. Moreover, recent economic reports from US suggest that the Federal Reserve is on track to cut interest rates at the November policy meeting

* MCX Copper October is expected to hold the support near 822 level and rise back towards 842 level. A break above 842 prices would rally further towards 850 level

* MCX Aluminum is expected to move back towards 240 level as long as it stays above 235 level

Energy Outlook

* NYMEX Crude oil is expected to rise further towards $76.50 level amid weak dollar, mounting tension in Middle East and concerns over supply disruption due to Hurricane Milton in US. Further, traders will remain on edge over a potential escalation in the conflict, especially if Israel struck Iran’s oil facilities. Moreover, Gulf states, are concerned that their own oil facilities could come under fire, if the conflict escalates between Iran and Israel. Additionally, prices may rally on expectation of further monetary easing by major central banks. Decrease in borrowing costs for consumers and businesses would support economic growth and demand for oil

* MCX Crude oil is likely to hold the support near 6200 level and rise further towards 6480 level. A break above 6480 prices may rise further towards 6550 level

* MCX Natural gas October is expected to rise further towards 235 level as long as it trades above 219 level.

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