Bullions counter can trade with lot of volatility with investors are readying themselves for the U.S. Federal Reserve’s rate-hike decision later in the day. Gold (Feb) can move in range of 54500-55200 while silver (Mar) can move towards 68000-70000.
Bullions counter can trade with lot of volatility with investors are readying themselves for the U.S. Federal Reserve’s rate-hike decision later in the day. Gold (Feb) can move in range of 54500-55200 while silver (Mar) can move towards 68000-70000. Bullion prices hit a more than five-month high on Tuesday after a smaller-than-expected rise in U.S. consumer prices buoyed bets for a slowdown in rate hikes from the Fed. U.S consumer prices barely rose in November amid declines in the cost of gasoline and used cars, leading to the smallest annual increase in inflation in nearly a year. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.3% to 912.72 tonnes on Tuesday.
In base metal counter, Copper can move on sideways path as it can move in range of 700-720. In terms of fundamentals, the inventory in Guangdong has dropped for eight consecutive days, and the arrivals in Guangdong were low as smelters are still under maintenance. Copper prices are expected to remain range bound with the fall in US inflation and the market’s expectation of a slower pace of the Fed’s rate hikes. Zinc may move on upside path as it can test 295 while taking support near 286. Aluminum can trade on mixed path as it can move in range of 208-218. On the demand side, despite looser pandemic controls, the downstream consumption was poor in the traditional off-season. Some aluminium processing plants plan to close early for the Chinese New Year. Low social inventory will support aluminium prices.
ENERGY: Crude oil may continue its recovery as it can test 6350 while taking support near 6100.U.S. crude inventories rose by about 7.8 million barrels in the week to Dec. 9, according to market sources citing data from the American Petroleum Institute. The inventory data defied bullish sentiment which sent the market up 3% in the previous session on hopes of a revival in Chinese demand with the easing of COVID-19 restrictions and on a weakening dollar after data showed U.S. inflation subsiding. Natural gas prices can continue its bullish momentum as it can test 585 while taking support near 540. Natural Gas surged recently prompted by forecasts of cold weather from next week. Still, prices remain unusually subdued for this time of the year, as milder weather in most of October and November delayed the winter heating season while record levels of production added to the bearish sentiment
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