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Bullion Outlook

* Spot gold is to expected to face the hurdle near $2665 and move lower towards $2620 amid strong dollar and higher treasury yields. Cautious approach from the Fed on rate reduction amid strong economic numbers would reduce the chance of rate reduction in 2025. Further, expectation of better job numbers could also support the Fed to turn hawkish and take more restrictive steps in the coming year. The only factor that could provide support to prices would be global uncertainties.

* Spot gold is likely to move towards the lower band of the consolidation range $2600 - $2660. A move below $2600 would weaken the metal further towards $2575. Formation of a bearish engulfing pattern indicates weakness in price. MCX Gold February is expected to move towards 75,400, as long as it trades under 77,000. Below 75,400 it would slide towards 74,800.

* MCX Silver March is expected to face the hurdle near 94,000 and weaken towards 90,000

Base Metal Outlook

* Copper prices are expected to move in a range amid lack of clarity on the stimulus from China. Upside in the metal could be restricted amid strong dollar, where as hopes of further liquidity injection by China could provide support to the base metal. Further, slowdown in imports and decline in premiums indicates sluggish growth in domestic consumption. Now the focus will shift towards US non-farm payroll numbers, which could bring more clarity on the Fed stance on rate cuts in the coming year.

* MCX Copper December is expected to hold the support of 20 day EMA 816 and move higher towards 827. Reversal in the oscillator would also indicates an upward movement in the red metal. Only a move below 816 it would turn weaker and slide towards 810.

* Aluminum is expected to hold above 243 and move towards 248 amid higher global premiums and supply concerns from China.

Energy Outlook

* NYMEX Crude oil is expected to face the hurdle near $69.50 and move lower towards $67 as OPEC+ decision to extended its current run of supply cuts until well into 2025, emphasized increased concerns over slowing demand. Rising production by Non-OPEC nations and weaker demand from China would hurt oil prices. Meanwhile, sanction on Iranian oil by US and hopes of fresh round of stimulus from China could limit its downside.

* On the data front, higher OI concentration observed in the $70 strike call, which could act as major resistance. Further, a bearish cross over of 20 and 50 day EMA indicates price to face the hurdle near $70 and move towards $67. MCX Crude oil December is likely to face the hurdle near 6900 and move lower towards 6750. Below 6750 it would open the doors towards 6600.

* Natural gas December future is expected to trade higher on forecast of cold US weather. MCX December future is expected to rise towards 268, as long as it holds above 20 day EMA at 254.

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