Bullions counter may trade on upside path as a top U.S. central bank official’s comment raised hopes that the Federal Reserve would adopt a less aggressive approach on rate hikes. Gold can move in range of 52500-52900 while Silver can move in range of 62200-62900.
Bullions counter may trade on upside path as a top U.S. central bank official’s comment raised hopes that the Federal Reserve would adopt a less aggressive approach on rate hikes. Gold can move in range of 52500-52900 while Silver can move in range of 62200-62900. Gold prices have risen $150 or nearly 10% since falling to a one-month low earlier this month as data showing an uptick in U.S. unemployment rate in October and signs of cooling inflation led to Fed slowdown optimism. Speculators cut net short positions by 30,659 contracts to 8,219 in COMEX gold in the week to Nov. 8, the U.S. Commodity Futures Trading Commission said. Traders now see an 89% probability of a 50-basis-point increase at the U.S. central bank’s December meeting, with only an 11% likelihood of a 75-basis-point rise.
In base metal counter, Copper can trade with volatile path as it can move in range of 690-710. Overnight, Xi Jinping told Biden that US-China relations should not be a zero-sum game and that the Taiwan issue is the first red line that cannot be crossed. Fed Vice Chairman Brainard said he may soon slow the pace of interest rate hikes and will assess how high the rates need to go. Zinc may open higher as it can move in range of 278-284. Aluminum can move with upside path as it can move in range of 207-216. The production resumptions in Guangxi, and commissioning of new capacity in Guizhou and Inner Mongolia are still less than expected, hence the supply pressure has eased.
Crude oil may trade in red as after OPEC cut its 2022 global demand forecast, while rising COVID-19 case numbers in China clouded the outlook for fuel consumption in the world’s top crude importing nation. It can dip towards 6850 while taking resistance near 7100. The Organization of the Petroleum Exporting Countries (OPEC) cut its 2022 global oil demand growth forecast for a fifth time since April, citing mounting economic challenges including high inflation and rising interest rates. Elsewhere, oil output in the Permian Basin is set to hit another record of 5.499 million barrels per day (bpd) in December, the U.S. Energy Information Administration (EIA) said in its monthly productivity report on Monday. Natural gas prices may remain on volatile path as it can move in range of 485-520.
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