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.

Oil prices drifted lower yesterday. Traders are awaiting the OPEC decision regarding increasing the output. Even though a raise in output is widely expected, the signals from the member countries have been mixed of late especially after the sharp decline in prices in the past week.

The latest oil inventory update from US Energy Department is expected later today.

Crude oil January in NYMEX traded in the range $89.98 - $87.34 and closed at $88.07 ($89.31).
Last day, MCX gold February opened at 10161, traded in the range of Rs 10107 – Rs 10309 and closed at Rs 10286 per 10 gram.
Copper February in MCX opened at 270.00, traded in the range 270.00 – 261.55 and closed at Rs 265.05 per kg.