Bullion to remain sideways, profit booking on Crude Oil
Bullion counter is expected to remain sideways with some profit booking can be seen at higher levels. Gold can trade in range of 26700-27200 while silver can trade in range of 44400-45300 in near term. Gold futures fell, trimming the biggest weekly gain in 15 months, The dollar fell versus the majority of its 16 most-traded peers after U.S. gross domestic product increased less than forecast in the first quarter, adding to concern the world’s biggest economy is struggling to grow.
Base Metals: Base metals complex may also remain choppy on mixed note. Copper fell more than 2 percent on Friday after two days of gains as some investors closed their positions ahead of a holiday in China next week and after U.S. first-quarter growth numbers missed analysts' Forecasts.
Energy: Crude oil counter may witness some profit booking as it can trade in range of 5040-5100 in MCX.
Natural gas can trade sideways on mixed fundamentals as it can trade in range of 225-232 in MCX.
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