Bullions counter can witness profit booking at higher levels as cautious traders awaited economic data due later in the day to gauge the Federal Reserve’s rate hike stance. Gold can move in range of 54200-54800 while Silver also can move in range of 68000-69500.
Bullions counter can witness profit booking at higher levels as cautious traders awaited economic data due later in the day to gauge the Federal Reserve’s rate hike stance. Gold can move in range of 54200-54800 while Silver also can move in range of 68000-69500. Bullion prices dropped more than 1% in the previous session after U.S. economic data highlighted the country’s economy rebounded faster than previously estimated, boosting the dollar and potentially setting the Fed on a keener path to fight inflation. Data on Thursday showed new claims for unemployment benefits rose less than expected last week in the United States, while the economy rebounded faster in the third quarter, rising 3.2% against the previously estimated 2.9%.
In base metal counter, Copper can trade higher in range of 700-715. On the macro front, the resilience of the US labour market has strengthened the expectations for the US Fed to continue to actively introduce tightening monetary policies. Besides, previous US economic data showed that the US economy rebounded faster than estimated, boosting the US dollar, which was bearish for copper prices. Zinc may move on mixed path as it can move in range of 260-275. Aluminum can move lower in range of 205-212. On the macro front, the global liquidity tightened. On the fundamentals, the supply side was still weighed on by the power rationing in south-west China, and the aluminium ingot in December is more than likely to fall short.
ENERGY: Crude oil may trade on upside path as it can test 6700 while taking support near 6400 in MCX. Oil prices rose on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the United States could snuff out transport fuel demand growth this holiday season. Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps on its crude and oil products by halting sales to the countries which support them. Russia’s Baltic oil exports could fall by 20% in December from the previous month after the European Union and G7 nations imposed sanctions and a price cap on Russian crude from Dec. 5. Natural gas prices can witness further bounce back as it can move in range of 410-460.
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