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GLOBAL MARKET ROUND UP

* Bullion retreated on Thursday amid a lack of follow-up buying and a cautious tone among market participants ahead of next week’s FOMC policy decision. While markets have largely priced in a 25-basis-point rate cut, investors are now shifting their focus toward the Federal Reserve’s forward guidance and the trajectory of policy easing in the coming months. Against this backdrop, we expect that bullion will trade within a broader range in the short term.

* On the macro front, recent U.S. data continue to signal a gradual cooling in the labor market. The November ADP report showed an unexpected loss of 32,000 private-sector jobs, sharply missing expectations for a gain of 10,000. This marks the third decline in the past four months, reinforcing signs of softening labor momentum. Market focus now shifts to today’s release of the September PCE price index—the Federal Reserve’s preferred inflation gauge—which will be crucial for shaping expectations around the Fed’s policy path in the coming months

* Crude oil prices maintained a two-day increase, fueled by a geopolitical risk premium. The market remained attentive to potential US actions in Venezuela after President Donald Trump indicated that imminent measures against the oil giant were forthcoming. Rystad Energy cautioned that any escalation could jeopardize the country's crude output of 1.1 million barrels per day. Additionally, prices were bolstered by the stagnation in US negotiations in Moscow regarding the Ukraine conflict, which diminished the short-term likelihood of restoring Russian oil supply, while Ukraine persisted in targeting Russian energy infrastructure.

* Natural gas gained during a volatile session on Thursday, bolstered by weather forecasts indicating below-normal temperatures in the U.S. Colder weather is anticipated to boost heating demand for natural gas, which has contributed to a notable price rally over the past week. However, a smaller-than-anticipated decline in weekly storage levels limited the gains. The EIA reported a decrease in natural gas inventories of 12 bcf for the week ending November 28, which was less than the expected draw of 18 bcf.

Gold

* Trading Range: 128080 to 130450

* Intraday Trading Strategy: Buy Gold Mini Jan Fut at 128475-128500 SL 128080 Target 129125/129450

Silver

* Trading Range: 177600 to 184900

* Intraday Trading Strategy: Buy Silver Mini Feb Fut at 179675-179700 SL 177650 Target 181450/182180

Crude Oil

* Trading Range: 5280 to 5450

* Intraday Trading Strategy: Sell Crude Oil Dec Fut at 5380-5385 SL 5435 Target 5320/5295

Natural Gas

* Trading Range: 439 to 465

* Intraday Trading Strategy: Buy Natural Gas Dec Fut at 451-452 SL 444.80 Target 459/464.8

Copper

* Trading Range: 1064 to 1097

* Intraday Trading Strategy: Buy Copper Dec Fut at 1073-1074 SL 1064.8 Target 1084/1087

Zinc

* Trading Range: 305 to 312

* Intraday Trading Strategy: Buy Zinc Dec Fut at 308.0-308.50 SL 306.8 Target 310.8/312.0.

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