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Gold pared gains on Thursday as the strength of the US dollar and a decrease in safe-haven demand weighed down gold prices. The US dollar reached a six-week high and increased by 0.27%. Better-than-expected US economic data contributed to the dollar's rise. Weekly jobless claims unexpectedly fell to a six-week low, and the January Empire State and January Philadelphia Fed business outlook surveys exceeded expectations.

Additionally, there was a decrease in safe-haven demand after U.S. President Donald Trump stated he had been informed that the killings in Iran’s crackdown on protests were easing and that he believed there was no current plan for large-scale executions, adopting a wait-and-see approach after previously threatening intervention. Silver has also pulled back from a record high as investors took profits following a strong rally, and the US refrained from imposing import tariffs on critical minerals.

Both metals were trading lower during the Asian trading hours on Friday, and this correction is likely to persist in today’s session. Crude oil prices fell sharply as geopolitical tensions in Iran eased. President Trump indicated that he might refrain from attacking Iran for now, especially after the country promised not to execute protesters. With these tensions diminishing, much of the geopolitical risk premium that had fueled the recent price surge quickly dissipated.

Additionally, crude prices faced downward pressure from Wednesday's weekly EIA inventory report, which revealed a significant increase in crude and gasoline supplies. We believe that the short-term direction of crude oil will depend on developments in geopolitical news. Natural gas reached a new swing low on Thursday after storage data revealed a significantly smaller withdrawal than anticipated, indicating looser supply-demand conditions. Copper prices fell on Thursday as markets assessed a record rally, which may impact physical demand for this essential industrial material.

Gold 

* Trading Range: 140780 to 143580

* Intraday Trading Strategy: Sell Gold Mini Feb Fut at 142700-142725 SL 143425 Target 141450/140900

Silver

* Trading Range: 275700 to 296217

* Intraday Trading Strategy: Sell Silver Mini Feb Fut at 291550-291575 SL 294620 Target 287480/285050

Crude Oil

* Trading Range: 5225 to 5480

* Intraday Trading Strategy: Sell Crude Oil Feb Fut at 5400-5402 SL 5480 Target 5309/5280

Natural Gas

* Trading Range: 266 to 309

* Intraday Trading Strategy: Sell Natural Gas Jan Fut at 294 SL 304 Target 284.80/280

Copper

* Trading Range: 1265 to 1324

* Intraday Trading Strategy: Sell Copper Jan Fut at 1299 SL 1307.80 Target 1288/1280

Zinc

* Trading Range: 310.80 to 319

* Intraday Trading Strategy: Sell Zinc Jan Fut at 317.50 SL 319.80 Target 314.50/312.0

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