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 fell to six-week lows overnight, shrugging off both an OPEC refusal to raise output and a big slump in US crude oil stockpiles.Instead, traders concentrated on growing gasoline and distillate inventories, a potential easing in tensions over Iran's nuclear program and concerns US economic growth may slow.
For the week ending Nov. 30, crude oil inventories fell by 8 million barrels, or 2.6 percent, to 305.2 million barrels, the Energy Department's Energy Information Administration said in its weekly report.

Gasoline inventories rose by 4 million barrels, or 2 percent, to 200.6 million barrel. Inventories of distillate fuel, which include diesel and heating oil, rose by 1.4 million barrels to 132.3 million barrels. At the same time, U.S. refineries remained steady running at 89.4 percent of total capacity on average.
Light, sweet crude for January delivery on the New York Mercantile Exchange fell 83 cents, or 0.9 per cent, to $87.49 a barrel, the lowest settlement for a front-month contract since October 24.
Brent crude on the ICE futures exchange settled $1.04 lower at $88.49 a barrel.
Last day, MCX gold February opened at 10288, traded in the range of Rs 10339 – Rs 10168 and closed at Rs 10240 per 10 gram.
Copper February in MCX opened at 266.25, traded in the range 269.95 – 262.40 and closed at Rs 267.40 per kg.