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BULLION

* Bullion prices traded firm with spot gold prices at COMEX were trading 0.20% up $1817 per ounce while spot silver prices at COMEX were trading 0.30% up near $23.06 per ounce in the morning trade. Gold prices reclaimed $1800 territory on weak jobless claims data and mixed global cues. The omicron worries and lack of fresh triggers with muted volumes in year-end week may keep prices in range for the day.

* MCX Gold February resistance for the day at Rs. 48200 per 10 grams with support at Rs. 47500 per 10 grams. MCX Silver March tentative buying range at Rs. 62000/61800 with resistance for the day at Rs. 62700 with support at Rs. 61700

COMEX Gold

COMEX Silver

ENERGY

* Crude oil prices traded down on Friday with NYMEX WTI crude oil prices were trading 0.60% down near $76.99 per barrel. Crude Oil prices slipped on the last day of 2021 but is set to post its biggest annual gains in 12 years. This is driven by a mix of global economic recovery and producer restraint, even as COVID-19 infections reached record highs around the world.

* We expect crude oil prices to trade sideways to up for the day. Buy on dips is advisable in MCX Crude Oil January around Rs. 5670/5650, support lies at Rs. 5630 per barrel with resistance at Rs. 5760 per barrel. MCX Natural gas January support lies at Rs. 262 and resistance at Rs. 275.

MCX Crude Oil 

MCX Natural Gas

BASE METALS

* Base metals prices traded mixed on Friday morning with most of the metals traded under pressure. Aluminum rose as investors weighed fresh signs of pressure on output, with Alcoa Corp. planning to shut a European plant and Beijing vowing to cut carbon emissions from China’s huge army of smelters

* Base metals may trade sideways to down for the day on holiday mood. MCX Copper January support lies at Rs. 735 and resistance at Rs. 748. MCX Zinc January support lies at Rs. 278, resistance at Rs. 292. MCX Aluminium January support lies at Rs. 221 with resistance at Rs. 228. MCX Nickel January support lies at Rs. 1540, resistance at Rs. 1590.

LME Copper

LME Nickel 

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