Commodity Outlook: Precious metals likely to trade sideways, Crude Oil might see correction

- The commodity markets witnessed some wild swings with the onset of new year. Gold was volatile, crude witnessed gains, and base metals traded mixed.

- The US dollar and bond yields will be taking a cue from the inflation data this week.

- Precious metals would trade sideways, waiting for the inflation print and the Fed Chair Jerome Powell's testification.

- Crude oil might see some correction after the 5% rally witnessed last week.

- MCX Aluminium might continue the uptrend provided the key support levels hold.

- The focus during the week will be on the Fed Chair Jerome Powell's testimony and the US inflation data release.