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GLOBAL MARKET ROUND UP

* Gold moved higher on Thursday as traders showed an interest in safe-haven buying following unrest in the Middle East; however, mixed US macro data capped further upside in gold. Data released yesterday showed that recurring applications for US unemployment benefits rose to the highest in more than three years, adding to signs that it’s taking longer for out-of-work people to find a job. Initial claims, meanwhile, ticked down to 219,000 in the week ended Dec. 21.

* Crude oil ended with a modest decline in thin end-of-year trading on Thursday, with investors assessing the outlook for 2025 while tracking developments in the Middle East. In the Middle East, Israel struck targets in Yemen that it said were controlled by Houthis. The conflict has been menacing shipping in the Red Sea, forcing tankers onto longer routes around southern Africa.

* Following a recent rally, profit-taking led to a more than 5.0% decline in natural gas prices. Furthermore, forecasts for less cold conditions in the short-term overshadowed support from a rise in the amount of gas flowing to liquefied natural gas export plants. Traders’ focus is on today’s weekly storage report. A bigger-thanexpected storage draw could put inventories below year-earlier levels for the first time since January 2023.

* Copper prices moved higher on Thursday, supported by a pullback in the US dollar, additional stimulus from China, and bargain buying. However, weak macro data from China acts as a headwind. China’s industrial profits extended declines to a fourth straight month, dropping 7.3% in November from a year earlier, signaling that Beijing’s stimulus measures have yet to meaningfully stem the slide in corporate earnings.

Gold

Trading Range: 75750 to 76500

Intraday Trading Strategy: Buy Gold Mini Jan Fut at 75900-75925 SL 75725 Target 76450

Silver

Trading Range: 88650 to 90750

Intraday Trading Strategy: Buy Silver Mini Feb Fut at 89400-89450 SL 88600 Target 90750

Crude Oil

Trading Range: 5900 to 6050

Intraday Trading Strategy: Sell Crude Oil Jan Fut at 6000 SL 6050 Target 5920

Natural Gas

Trading Range: 275 to 294

Intraday Trading Strategy: Sell Natural Gas Jan Fut at 288 SL 294.0 Target 278/275

Copper

Trading Range: 803 to 815

Intraday Trading Strategy: Buy Copper Jan Fut at 807 SL 803.0 Target 812/815

Zinc

Trading Range: 277-288

Intraday Trading Strategy: Buy Zinc Jan Fut at 280.50 SL 277.0 Target 284

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