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GLOBAL MARKET ROUND UP

* Comex gold retreated from a six-month high as trades locked profit after a recovery in the US dollar from a multi-month low and upbeat US macro data. The US Dollar index was able to end its four-day losing run and closed with a gain of 0.71% on Thursday.

* Crude oil extended losses after tumbling on Thursday following an OPEC+ meeting that promised further output cuts but was hazy on the details. The alliance announced roughly 900,000 barrels a day of fresh output cuts from January, but the curbs are voluntary, with Angola already rejecting its quota. Saudi Arabia said it will prolong its separate 1 million barrel-a-day reduction through the first quarter.

* Copper advanced on concerns over the looming shutdown of a large mine in Panama and amid expectations of a widening ore supply deficit in 2024. The Panama government has said it will shut down First Quantum Minerals Ltd.’s Cobre operation, which produces about 1.5% of the world’s supply.

* China’s Caixin Manufacturing PMI unexpectedly edged higher to 50.7 in November, rising above the 50 threshold that indicates an expansion for the first time in two months.

MCX Gold Future

Gold

Trading Strategy

Gold prices retreated from the recent swing high, and we expect Comex gold price to consolidate in the range of $2022 to $2050 for the day with a moderate bearish bias. MCX Gold February Fut has first support at 62425, then 62180 acts as next support. It has resistance at 62925. Sell Gold Feb at 62650 / 62780 TGT, 62450/62300, SL 62825.

MCX Silver Future

Silver

Trading Strategy

Silver March future registered a fifth straight daily gain and price traded above its short-term resistance. It has a strong supply zone at 78060 to 78600; we expect long liquidations to be seen around this area. It has support at 77080/76700.

MCX Crude Oil Future

Crude Oil

Trading Strategy

Crude oil retreated from the day’s high and settled lower by 1.25% in the previous session. The crude oil December Fut trend remains bearish until price trades below the 6625 level. We expect more downside likely to occur if the price breaks support of $6225. Sell Crude oil December Fut at 6350/6425 TGT, 6225/6170 Keep stop loss at 6450.0

MCX Natural Gas Future

Natural Gas

Trading Strategy

Natural gas continued to trade in a southward direction due to weak fundamentals. We expect the natural gas price to fall further to the 222/219 level once the price breaks support of 231.20. It has resistance at 241/245.0. Sell natural gas. Dec Fut at 233.50/237 for Target of 222; keep stop loss at 239.80.

MCX Copper Future

Copper

Trading Strategy

The copper December Fut rebounded from the support of 716 amid supply concerns. We believe copper may consolidate in the range of 717 to 727 for the day with a positive bias. Buy copper in the December future at 720.50 for a target of 726/729 and stop the loss below 716.0.

MCX Zinc Future

Zinc

Trading Strategy

Zinc has declined around 2.0% so far this week, and we believe bearish momentum will extend in Zinc. The price is likely to fall towards the 220.80/219 level in the short term after the price fell below the important support of 224.80. It has resistance at 224.80/227.50.

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