Bullions counter may witness volatile movement with investors largely focusing on Federal Reserve Chair Jerome Powell’s speech for insights into the U.S. central bank’s monetary policy path. Gold (Feb) can trade in range of 52850-53250 while silver (Mar) can move in range of 62700-63300.
Bullions counter may witness volatile movement with investors largely focusing on Federal Reserve Chair Jerome Powell’s speech for insights into the U.S. central bank’s monetary policy path. Gold (Feb) can trade in range of 52850-53250 while silver (Mar) can move in range of 62700-63300. Powell’s speech at a Brookings Institution event will be evaluated for any new clues on the U.S. central bank’s plans for rate hikes next year. High interest rates have kept a leash on gold’s traditional status as a hedge against surging inflation and other uncertainties this year, as they translate into higher opportunity costs to hold the non-yielding asset. China’s factory activity contracted at a faster pace in November, an official survey showed, weighed down by softening global demand and COVID-19 restrictions.
In base metal counter, Copper can move with weak bias as it can test 672 while taking resistance near 682. At present, the market focuses on the speech of the US Fed Chairman Powell and the upcoming November employment data on Friday. On the fundamentals, Las Bambas cut its capacity to 30% of the normal earlier this month due to the protests. On the demand side, the market once again paid attention to the adjustment of China’s pandemic control measures. In the long run, Chinese COVID-19 control policy will definitely be relaxed in order to improve the demand. Zinc may move in narrow range of 260-268. Aluminum can move on sideways path in range of 203-210.
ENERGY: Crude oil may continue to trade higher as it can move upside towards 6600 while taking support near 6250. Crude oil prices got support as U.S. crude inventories were seen falling, but concerns that OPEC+ would leave output policy unchanged at its upcoming meeting limited gains. U.S. crude oil stocks were expected to have dropped by about 7.9 million barrels in the week ended Nov. 25, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories rose by about 2.9 million barrels. OPEC+ is likely to keep oil output policy unchanged at a meeting on Sunday, five OPEC+ sources said, although two sources said an additional production cut was also likely to be considered, to support prices. Natural gas prices may move on mixed path in range of 570-610 on mixed fundamentals.
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