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Bullion Outlook

* Spot gold is to expected to face the hurdle near $2665 and move lower towards $2620 amid stronger dollar. Cautious approach from the Fed on rate reduction due to strong economic numbers would reduce the chance of rate reduction in 2025. Steady job growth numbers and drop in unemployment claims data could also check any upside movement in the bullions. Meanwhile, trade worries and escalating geopolitical tension could bring safe haven demand and limit its downside.

* Spot gold is likely to move in the band of $2620 and $2665 with a tilt towards south. Only a move above $2665 would open the doors towards $2685. On the contrary , below $2620 it would slip towards $2600. MCX Gold February is expected to consolidate between 76,000 and 77,000. Below 76,000 it would weaken further towards 75,500.

* MCX Silver March is expected to move towards 94,200, as long as it trades above 20 day EMA support of 91,000.

Base Metal Outlook

* Copper prices are expected to trade in a tight range ahead of the Politburo meeting. Growing hopes of fresh round of stimulus from China to support the growth and improved risk sentiments would support the metal to regain its strength. On the other hand strong dollar and trade war uncertainties would limit its upside. Further, slowdown in imports and decline in premiums indicates sluggish growth in domestic consumption

* MCX Copper December is expected to hold the support of 20 day EMA 816 and move higher towards 827. Reversal in the oscillator would also indicates an upward movement in the red metal.

* Aluminum is expected hold above 243 and move towards 248 amid higher global premiums and supply concerns from China.

Energy Outlook

* NYMEX Crude oil is expected to find the support near $68 and move towards $70 amid growing bets that OPEC+ will delay its output rise. Further, improved economic numbers from US and escalating geopolitical tension would provide support to oil prices. Furthermore, sanction on Iranian oil by US and hopes of fresh round of stimulus from China would also provide support to oil prices.

* On the data front, higher OI concentration observed in the $70 strike call, which could act as major resistance. Further, a bearish cross over of 20 and 50 day EMA indicates price to face the hurdle near $70 and move towards $68. MCX Crude oil December is likely to consolidate in the band of 5780 and 6000. Only above 6000 it would turn bullish.

* Natural gas December future is expected to recover on colder weather forecast in US. MCX December future is expected to rise towards 264, as long as it holds above 250.

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