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Bullion Outlook

* Spot gold is expected to face the hurdle near $2650 and move lower towards $2600 on easing safe haven demand. Further, strong dollar on forecast of better  than expected economic numbers from US could check its upside. US CB consumer confidence data is expected to show signs of strength in the economy. In addition, liquidation in the metals can be seen as most risk premiums have been eased. Further, trades will remain cautious ahead of this weeks FOMC meeting minutes and key inflation data.

* Spot gold has formed a bearish engulfing pattern on the daily chart, indicating weaker bias. So as long as it trades under the 20 day EMA at $2650 prices are expected to move towards $2600. MCX Gold December is expected to decline towards 74,600 as long as it remains under 76,000.

* Spot Silver is likely to face the hurdle near 100 day EMA at $30.60 and move towards $29.80. MCX Silver March is expected to move towards 88,500, as long as it trades below 92,000. 

Base Metal Outlook

* Copper prices are expected to move in a tight range amid mixed set of factors. Strong dollar amid diminishing bets of December rate cut would check the upside in the base metals. Where as depleting inventory levels in SHFE and LME and improved premiums along with TC charges could provide some support to the base metals. Now the focus will remain on key economic numbers which could bring more clarity.

* MCX Copper December is expected to find the floor near 800 and move higher towards 814. A move above 814 would open the doors towards 818.

* Aluminum is expected hold firm amid supply concerns after key suppliers from Russia indicated slowdown in production amid higher Alumina prices. MCX Aluminium December is expected to hold the support of 243 and push the prices towards 246.

Energy Outlook

* NYMEX Crude oil is likely to remain under pressure amid growing bets of a cease fire in the Middle East region. Further strong dollar amid reduced probability of rate cut in December would also check the upside in oil prices. Meanwhile, geopolitical tension between Russia and Ukraine would limit its downside. Further, demand improvement from China would limit its losses. Meanwhile, focus will remain on key outcome form OPEC+ meeting on December 1.

* On the data front, fresh addition of OI in OTM calls indicates price to face stiff resistance near $72 and $73 mark. Further closer of OTM put strikes indicates prices to dip towards $67. MCX Crude oil December is likely to face the hurdle near 5950 and weaken oil price towards 5700.

* Natural gas December future is expected to consolidate in the band of 288 and 305. A move above 305 would open the doors towards 314. Forecast of cooler weather in US would provide support to prices.

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