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GLOBAL MARKET ROUND UP

Gold retreated from the day’s high and ended with a small gain on Wednesday amid mixed cues. The latest US data showed a key inflation gauge slightly picked up last month, reinforcing expectations that the Federal Reserve will adopt a measured approach to lowering interest rates.

The Fed’s preferred measure of underlying inflation, the so-called core personal consumption expenditures price index, increased 2.8% from October last year and 0.3% from a month earlier. The price index strips out volatile food and energy items.

Crude oil was steady as trading thinned before the US Thanksgiving holiday, with the focus on this weekend’s OPEC+ meeting. OPEC+ is widely expected to once again delay restoring production when it meets on Sunday to offset concerns about an anticipated glut next year. Meanwhile, US crude inventories fell by 1.8 million barrels last week, the most since October, EIA data showed. The muted price reaction shows that markets are less worried about oil supply shortages.

Natural gas tumbled more than 6.0% on Wednesday as markets assessed the outlook for gas supply in the US, and weekly natural gas inventories fell less than expected.

Base metals consolidate in range and broadly remain under pressure despite Beijing’s efforts to boost the economy, with Chinese domestic consumption remaining sluggish amid threats of deflation and a lingering real estate crisis. However, zinc saw an outperformance, as orders to withdraw stockpiles from LME warehouses reached their highest level in over seven years.

Asian stocks traded in a narrow range ahead of Thanksgiving. US futures rose after a drop in the previous session.

Trading Range: 74900 to 76050

Intraday Trading Strategy: Sell Gold Mini Dec Fut at 75900-75925 SL 76220 Target 75380

Trading Range: 86020 to 88300

Intraday Trading Strategy: Sell Silver Mini Feb Fut at 89600-89620 SL 90300 Target 88680/88500

Trading Range: 5720 to 5935

Intraday Trading Strategy: Buy Crude Oil Dec Fut at 5780-5800 SL 5745 Target 5865

Trading Range: 261 to 287

Intraday Trading Strategy: Sell Natural Gas Dec Fut at 277- SL 281.0 Target 265/261

Trading Range: 794 to 814

Intraday Trading Strategy: Sell Copper Dec Fut at 810-812 SL 816.80 Target 804/799

Trading Range: 284-294

Intraday Trading Strategy: Buy Zinc Dec Fut at 286 SL 283.80 Target 289.80/292

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