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GLOBAL MARKET ROUND UP

Spot gold is headed for a second weekly decline, with prices nearing their lowest mark since 2020 as the dollar stays strong and holdings in bullionbacked ETFs extend declines. COMEX spot gold little changed Friday for a 1% drop this week to $1,629 an ounce, a decline below $1,614.96 would mark the lowestsince April 2020

Oil headed for a second weekly loss after a volatile period of trading as concerns over a global economic slowdown hang over the market. West Texas Intermediate futures were little changed near $84 a barrel in early Asian trading on Friday.

Copper prices don’t reflect a “strikingly tight” physical market, according to the world’s largest publicly-traded producer of the metal used in everything from computer chipsto electric vehicles.

Aluminum jumped as a surprise spike in orders to withdraw inventories from London Metal Exchange warehouses added to recent volatility for the most widely used base metal

Stocks in Asia look poised for a cautious open after another down day for US equities, with Treasury yields at the highest level since the global financial crisis.

Commodity Daily BULLION

U.S. Gold price has fallen today and was set to end the week lower as a spike in U.S. Treasury yields rattled markets. 10-Year U.S. Treasury yields jumped 2.2% overnight and were at their highest level since the 2008 financial crisis as expectations grew that the Fed will hike rates sharply in November. This also kept the dollar underpinned, althoughthe greenback wassetfor a mild weekly loss.

Trading Strategy: MCX Gold December Future attempted a recovery but failed to sustain at higher levels. Gold closed near the day’slow and open, which hasresulted in to “inverted hammer” candlestick pattern on the daily chart. MCX Silver somehow managed to close with gains but closed off the day’s highs. Both underlying are trading in the narrow range. Support for Gold Dec Fut is seen at 49880, while resistance for the same is seen at 50745. Support for Silver dec fut is seen at 55600, while resistance is seen at 57715. A decisive move beyond these levels will decide the further trend for both the underlying.

Commodity Daily ENERGY

Oil headed for a second weekly loss after a volatile period of trading as concerns over a global economic slowdown hang over the market. West TexasIntermediate futures were little changed near $84 a barrel in early Asian trading on Friday.

Investors are juggling slowdown fears against signs of oil market tightness while fluctuating risk sentiment in broader markets hasregularly whipsawed crude prices. A strong dollar has added to headwinds.

Trading Strategy: Energy complex is expected to remain under pressure amid weak technical chart set-up. MCX crude oil Nov. fut. is having support at 6871 and resistance at 7340. MCX Natural gas Oct. fut. is expected to trade lower with downside support at 425 and resistance at 470.

Commodity Daily BASE METALS

Industrial metal prices ended with gains on Wednesday with Copper, Zinc and Aluminium ending the day on MCX with over 1% gains. Prices of the red metal rallied sharply after Trafigura, one of the world's largest commodity traders, warned that supplies of the red metal were far below global demand. Demand for the red metal has remained strong despite economic headwinds in China and Europe, he added. Demand for copper in electrical vehicles and their infrastructure has more than made up for a shortfall in China due to a slowing real estate sector.

Trading Strategy: MCX Copper’s Technical set-up turned strong as it closed above the important resistance of 645. Immediate support is placed at Rs. 641 and resistance at Rs. 655 and 660. MCX Zinc Oct support lies at Rs. 271, resistance at Rs. 277. MCX Aluminium Oct support lies at Rs. 194 with resistance at Rs. 202. Base metals prices are likely to trade firm today

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