Medium-term Outlook (Spot Gold)

Gold prices are expected to trade within the range $837 - $770. Breaking of either level may decide the direction. $801 may act as the major resistance followed by $824 and $836. Supports are $754 and $744.

Light sweet crude for January delivery closed down $0.42 at $87.86 a barrel, after trading in the range $89.80 - $87.09, on the New York Mercantile Exchange.

The Organization of Petroleum Exporting Companies (OPEC) had opted to hold its output steady during the meeting on Dec 5, overriding speculations that the cartel might decide to raise its output.
Last day, MCX gold February opened at 10217, traded in the range of Rs 10217 – Rs 10376 and closed at Rs 10337 per 10 gram.
Copper February in MCX opened at 274.10, traded in the range 274.40 – 269.10 and closed at Rs 270.35 per kg.