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.

Crude oil January in NYMEX traded in the range $85.82 - $90.73 and closed at $90.23 ($87.49).

Crude oil inventories fell by 8 million barrels to 305.2 million barrels for the week ending Nov 30, according to the latest inventory report by US Energy Information Administration released on Wednesday.

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 10239, traded in the range of Rs 10098 – Rs 10333 and closed at Rs 10302 per 10 gram.
Copper February in MCX opened at 268.10, traded in the range 264.40 – 269.65 and closed at Rs 267.95 per kg.