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Bullion Outlook

* Spot Gold is likely to hold support near $3330 and rise towards $3410 on soft dollar and growing bets of loose monetary policy from the US Fed. Weaker set of US job numbers has increased the odd of September rate cut bets has soared above 92% after the weaker set of number. Additionally, tariff concerns and weakness in the US economy would increase its investment outlook. A strong demand for global gold-backed ETFs in the 2 nd quarter and uncertain global trade policy, geopolitical turbulence would support prices to stay firm.

* On the data front, a strong call base at 3450 might act as immediate hurdle. On the downside 3250 put strike has higher OI. MCX Gold October is expected to hold support near RS.100,600 and move higher towards RS.101,800 level.

* MCX Silver Sep is expected to hold the key support near RS.111,000 and move higher towards RS.113,800 level.

Base Metal Outlook

* Copper prices are expected trade with positive bias due to supply disruption. Further, soft dollar and growing bets of rate cut in September would help prices to regain its strength. Meanwhile, uncertainty over global trade policies and higher tariff concerns from US would hurt market sentiments. Additionally, rising inventory levels on LME and improved mine supply in the first half of this year would also restrict its upside.

* MCX Copper August is expected to rise towardsRS.894 as long as it trades above RS.880level. Only a move below RS.880 level prices may turn weak towards RS.874 level

* MCX Aluminum August is expected to rise towards RS.254 level as long as it holds above 50-day EMA at RS.248 level. MCX Zinc August is likely to move north towards RS.268 level as long as it stays above RS.262 level.

Energy Outlook

* Crude oil is likely to trade lower on improved supply from OPEC+. Last Sunday OPEC+ members agreed to another larger production hike in September. An increase in oil production by 547,000 barrels per day for September would improve supply and check any upside in price. Meanwhile, U.S. demands from India to stop buying Russian oil as US President seeks ways to push Moscow for a peace deal with Ukraine is increasing concerns over supply disruption. US President is threatening to impose 100% secondary tariffs on Russian crude buyers.

* On the data front, 65 put strike has higher OI concentration which would act as key support. On the upside 70 call strike, has higher OI concentration, which would likely to act as immediate hurdle. MCX Crude oil Aug is likely to dip towards RS.5700 level, as long as it stays below RS.5900 level.

* MCX Natural gas August future is expected to remain under pressure and slide towards RS.250. On the upside RS.264 would act as immediate hurdle. Higher production and sluggish demand growth would hurt prices.

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