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Natural gas futures declined as forecasts trended warmer for most of the US, indicating that demand for the heating fuel could fall - HDFC Securities
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GLOBAL MARKET ROUND UP
* Gold prices fluctuated in the narrow range as investors awaited the Federal Reserve's policy decision later this week, with a focus on the central bank's next year's monetary policy outlook. Meanwhile, safe haven demand continues to provide support for gold and limit downsides due to ongoing geopolitical tensions in the Middle East, particularly after Israel carried out air and ground attacks in Gaza.
* India’s trade deficit expanded to a record high in November due to a rise in gold shipments. Gold imports shot up to a record high of $14.8 billion in November. Both the consumption and investment demand for gold have shot up while the global price of gold has also risen materially.
* Crude oil prices steadied after a slight decline in the previous session, as lackluster economic data from China reinforced concerns about weakening demand in the world’s biggest crude importer.
* On Monday, Chinese data revealed a decline in refining activity and a decline in retail sales. Although the nation's leaders have signaled a stronger stimulus, recent steps suggest Beijing may not take the radical action the market expects is necessary to stem a deflationary spiral, which negatively impacted oil and base metals prices.
* Natural gas futures declined as forecasts trended warmer for most of the US, indicating that demand for the heating fuel could fall.
* Base metals prices fell on Monday amid weak winter demand in China and lowerthan-expected Chinese macro data, ahead of a flurry of interest rate decisions by central banks this week.
Gold
Trading Range: 76610 to 77400
Intraday Trading Strategy: Sell Gold Mini Jan Fut below 76300 SL 76580 Target 75950
Silver
Trading Range: 90400 to 92300
Intraday Trading Strategy: Buy Silver Mar Fut above 91620 SL 90980 Target 92480
Crude Oil
Trading Range: 5920 to 6065
Intraday Trading Strategy: Sell Crude Oil Jan Fut at 6005 SL 6075 Target 5920
Natural Gas
Trading Range: 265 to 280
Intraday Trading Strategy: Sell Natural Gas Dec Fut at 275 SL 280.0 Target 267/265
Copper
Trading Range: 804 to 819
Intraday Trading Strategy: Buy Copper Dec Fut at 808-809 SL 804.0 Target 815
Zinc
Trading Range: 280-289
Intraday Trading Strategy: Sell Zinc Dec Fut at 285 SL 288.50 Target 280
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