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Bullion Outlook

* Spot gold is to expected to move in a tight range of $2620 to $2660 amid lack of any major economic events today. US Bank holiday on the eve of Thanksgiving day could bring less participation and lower volatility. Meanwhile, stronger dollar and diminishing chances of more aggressive rate cuts in the coming year would limit the upside in the yellow metals. On the other hand, increasing trade war concerns and escalating war situation between Russia and Ukraine would provide some support to the metal.

* Spot gold is likely to stay in the range of $2620 and $2660 with a tilt towards south. Only a move below $2620 prices would weaken further towards $2600. Further closer of OI in ATM and OTM put strikes indicates downside in price. MCX Gold February is expected to decline towards 75,500 as long as it remains under 76,600.

* MCX Silver March is expected to move towards 89,200, as long as it trades below 91,500. Below 89,200 it would weaken further towards 87,500.

Base Metal Outlook

* Copper prices are expected to trade with positive bias amid improved risk sentiments and better demand outlook from Chinese auto sector. Further, concerns of quality ores and rising cost of production from the top Escondida copper mine would also provide support to the metal. Moreover, depleting inventory levels in SHFE and LME and improved premiums could help the base metals to hold firm.

* 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 at 241 and push the price towards 246.

Energy Outlook

* NYMEX Crude oil is likely to remain under pressure amid ebbing supply concerns from the Middle east. Cease fire agreement in the Middle East region has taken off the risk premiums. Meanwhile, improved risk sentiments and growing prospects of delay in OPEC+ planned output hike would prevent oil prices to dip below $67 mark.

* On the data from, fresh addition of OI in OTM calls indicates price to face stiff resistance near $70. Further closer of OTM put strikes indicates prices to dip towards $67. MCX Crude oil December is likely to face the hurdle of 20 day EMA at 5900 and weaken towards 5700.

* Natural gas December future is expected to trade lower amid higher inventory levels. Meanwhile, forecast of colder weather would increase demand and limits downside. MCX Natural ga is expected to face the hurdle near 282 and move lower towards 264.

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