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Metal’s Outlook

Bullion Outlook

* Spot gold is expected to slip further towards $2620 level amid firm dollar. Meanwhile, inventors will keep an close eye on economic data from US and comments from Fed officials to get fresh cues on the Federal Reserve's monetary policy path. Additionally, escalating tension in Middle East will increase demand for Safe haven. United States said it will send US troops to Israel along with an advanced US anti-missile system to bolster Israel air defenses.

* Spot Gold is likely to slip further towards $2630 level as long as it stays below $2660 level. MCX Gold December is expected to slip towards 75,650 level as long as it trades below 76.350 level

* Spot Silver is expected to dip further towards $30.50 level as long as it stays below $31.50 level. MCX Silver December is expected to slip back towards 90,000 level as long as it trades below 91,800 level. A break below 90,000 level prices may dip further towards 89,000 level

Base Metal Outlook

* Copper prices are expected to trade with negative bias amid firm dollar and pessimistic global market sentiment. Further, market participants would be disappointed despite of China pledges to significantly increase debt to revive economic growth as it failed to provide size of stimulus package. Chinese Finance Minister Lan Foan reiterated Beijing's broad plans to revive the ailing economy, with promises made on significant increases to government debt and support for consumers and the property sector. Further, prices may slip on disappointing economic data from China. CPI rose 0.4% missing expectations, and the PPI fell at the fastest pace in six months, down 2.8% YoY

* MCX Copper October is expected to dip further towards 830 level as long as it stays below 842 level. A break below 830 prices would slip further towards 822 level

* MCX Aluminum is expected to move back towards 238 level as long as it stays below 242 level.

Energy Outlook

* NYMEX Crude oil is expected to slip further towards $73 level amid strong dollar and weak global market sentiments. Further, prices may slip as China's deflationary pressures worsened in September. Furthermore, lack of clarity on Beijing's economic stimulus plans stirred up fears about demand. Moreover, on the supply side, Libya's national oil corporation (NOC) said it had restored oil production to levels before the country's central bank crisis as it reached 1.25 million barrels. However, sharp fall may be cushioned on concerns over the lingering possibility an Israeli response to Iran's October 1 missile attack could disrupt oil production

* MCX Crude oil is likely to move south towards 6180 level as long as it stays below 6400 level. A break below 6180 prices may slip further towards 6080 level

* MCX Natural gas October is expected to slip further towards 214 level as long as it trades below 228 level.

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