Expected range for Gold Dec Fut is 76120–78210 - HDFC Securities
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Global Market Round Up
This week has seen an impressive recovery in gold prices, with spot gold rising by 5.97% to $2716 per ounce, marking its biggest weekly gain since March of last year. The conflict between Russia and Ukraine escalated, amplifying the appeal of gold as a safe haven.
Following a downturn in early November, precious metals have regained momentum due to renewed haven demand. The yellow metal has recovered more than half of its losses incurred in the sell-off post-US election result. Traders ignore the US dollar's upward trend and hawkish remarks from some Federal Reserve officials, which suggest the Fed may cut interest rates at a slower pace.
Crude oil surged more than 6.0% on a weekly basis on the back of the intensifying conflict in Ukraine, which added a geopolitical risk premium to oil prices. Tensions over Iran's nuclear program are also driving up crude prices, as Iran announced on Friday that it will boost its nuclear fuel production capacity.
Natural gas prices rose to their highest level since November of last year. Predictions of nearly all states in the US experiencing cold weather and the EIA reporting the first drop in storage for the heating season contributed to this increase.
The dollar's continued strength and concerns over insufficient stimulus measures from China, the world's top copper consumer, weighed on the demand outlook as copper ended the week with a modest decline.
What to Watch: The Federal Reserve's meeting minutes, October Durable Goods Orders, and the Core PCE Price Index, the Fed's preferred inflation indicator, are among the key macro data that market participants are focusing on this week.
Trading Range and Strategy:
Expected range for Gold Dec Fut is 76120–78210. Sell Gold Dec Fut around 77150–77175 TGT 76120/75750 Keep Stop Loss 77900.
Trading Range and Strategy:
Expected range for Silver Dec Fut is 86500–92525. Sell Silver Dec Fut at 90050-90080 TGT 87700/86500 SL 91525.
Trading Range and Strategy:
Expected range for Crude Oil Dec Fut is 5895–6135. Buy crude oil Dec Fut at 5905-5915 TGT 6080/6135 SL 5795.
Trading Range and Strategy:
Expected range for Natural Gas Dec Fut is 265–305. Buy Natural Gas Dec Fut at 286-288 TGT 305 SL 275.
Trading Range and Strategy:
Expected range for Copper Dec Fut is 794-822. Buy Copper Dec Fut at 802-803 TGT 819/822 SL 794..
Trading Range and Strategy:
Expected range for Zinc Dec Fut is 273.0–284. Buy Zinc Dec Fut at 275.0 TGT, 282/284 SL 271.8.
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