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Bullion Outlook

* Spot Gold is likely to find the support near $4700 level and rise back towards $4900 level on hope that US and Iran will try to strike a deal to end the hostilities in Middle East, easing fears of energy led inflation shock and central bank rate hikes. On top of its US and Iran are considering to extend ceasefire to allow more time to negotiate peace agreement, long-term agreement viewed as a genuine possibility. Furthermore, US President Donald Trump said Tehran has agreed to terms that include abandoning ambitions for a nuclear weapon, although officials from Iran have not yet verified these claims. Additionally, prices may move higher on renewed concerns over Fed independence after Trump threatened again to fire Fed Chair Powell. Traders will keep an eye on whether Kevin Warsh will be confirmed by the Senate to lead Fed, as he faces a confirmation hearing on April 21. MCX Gold June is expected to hold support near  Rs.151,000 level and rise towards  Rs.154,000-  Rs.155,000 level.

* MCX Silver May is expected to slip towards  Rs.243,000- Rs.240,000 level as long as it stays below  Rs.254,000 level

Base Metal Outlook

* Copper prices are expected to trade with negative bias amid rebounce in dollar and weak global market sentiments. Meanwhile, sharp fall in the prices may be cushioned on improved economic data from US and China. Data showed China's economy grew 5.0% in the first quarter from a year earlier. Economy grew despite of Middle East conflict. Further, prospect of stronger demand in China would support prices. Yangshan copper premium, a gauge of China's appetite for imported materials, stood at $69 a ton, signaling demand.

* MCX Copper April is expected to slip towards  Rs.1250- Rs.1245 level as long as it stays below  Rs.1285 level.

* Aluminium prices will continue to rise as global Aluminium market is facing a supply deficit this year due to the Iran war. MCX Aluminum April is expected to rise towards  Rs.378 level as long as its stays above  Rs.368 level. MCX Zinc April is likely to face stiff resistance near  Rs.343 level and slip towards  Rs.337- Rs.335 level.

Energy Outlook

* NYMEX Crude oil is likely to trade with negative bias on growing optimism that another round of peace talk between US and Iran may end the hostilities in Middle East and release supply from key producing region trapped due to closure of Strait of Hormuz. Moreover, investors are hoping that conflict in Middle East could end soon amid 10-day ceasefire between Israel and Lebanon. Furthermore, US President Donald Trump said Tehran has agreed to terms that include abandoning ambitions for a nuclear weapon, although officials from Iran have not yet verified these claims. Meanwhile, sharp fall may be cushioned as U.S. Treasury Secretary Scott Bessent said that Washington will not be renewing sanction waivers for some Iranian and Russian oil.

* MCX Crude oil May is likely to dip towards  Rs.8300- Rs.8100 level as long as it stays below  Rs.8800 level.

* MCX Natural gas April is expected to rise towards  Rs.255- Rs.260 level as long as it stays above  Rs.240 level.

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