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GLOBAL MARKET ROUND UP

Gold was steady while silver declined on Thursday, weighed down by long liquidation as traders reduced their positions due to ease of safe-haven demand and a stronger U.S. dollar. The lack of new geopolitical developments diminished defensive buying interest, while a recovery in the U.S. dollar further pressured prices throughout the session.

Furthermore, market participants adopted a cautious stance ahead of key event risks, including anticipated rulings from the U.S. Supreme Court on Friday and the release of the U.S. December labor market data, which also act as headwinds for gold prices. The outcome of this event is seen as potentially influential for broader market sentiment and the Federal Reserve’s policy outlook, prompting investors to stay on the sidelines. We expect the bullion to likely consolidate in a broader range before the outcome of the event; post-event volatility should expand.

Crude oil prices continued to rise as the market weighed threats from US President Donald Trump against Iran while also considering his administration's efforts to exert control over Venezuela's exports and energy sector. President Trump warned of severe consequences for Iran if its government harmed protesters during a period of ongoing unrest, which could disrupt Iranian oil supply and create unexpected challenges in the market.

Natural gas prices declined on Thursday due to forecasts predicting significantly warmerthan-normal temperatures across the U.S., which are anticipated to reduce heating demand for natural gas. However, the weekly EIA report released on Thursday was supportive of natural gas prices, limiting further declines.

Copper and other base metals extended their corrective move amid a recovery in the US dollar and concern about demand deterioration after record high prices. Copper demand from Chinese industrial users has decreased due to record-high prices.

Gold

* Trading Range: 135625 to 139380

* Intraday Trading Strategy: Buy Gold Mini Feb Fut at 137150-137175 SL 136300 Target 138080/138900

Silver

* Trading Range: 235750 to 255380

* Intraday Trading Strategy: Buy Silver Mini Feb Fut at 245750-245775 SL 243680 Target 250380/251900

Crude Oil

* Trading Range: 5125 to 5335

* Intraday Trading Strategy: Buy Crude Oil Jan Fut at 5200-5205 SL 5142 Target 5280/5319

Natural Gas

* Trading Range: 288 to 329

* Intraday Trading Strategy: Sell Natural Gas Jan Fut at 312-312.80 SL 319 Target 304/297

Copper

* Trading Range: 1225 to 1345

* Intraday Trading Strategy: Sell Copper Jan Fut at 1290 - 1294 SL 1312.80 Target 1274/1256

Zinc

* Trading Range: 303.50 to 317

* Intraday Trading Strategy: Buy Zinc Jan Fut at 306- 306.80 SL 303.75 Target 310.80/312.50

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